Ryman Healthcare Limited 2021 Annual Report
Ryman Healthcare
ANNUAL REPORT 2021
Cover image features Ryman residents Norris Aitken, Nola Cutting,
Muriel Feasey, Eng Dick, Helen Aitken and Richard Fisher.
RYMAN HEALTHCARE
Our mission remains
the same as it has been
for the past 37 years -
the care we offer has
to be “good enough for
Mum or Dad”.
ANNUAL REPORT 2021
2
RYMAN HEALTHCARE
4 Chair’s report
10 Stats and facts
12 Group chief executive’s report
20 Current villages under development
22 Future villages in our pipeline
26 Our directors
28 Our senior executives
31 Who we are and how we create value
39 What matters most to our stakeholders
43 Caring for our residents and our communities
55 Caring for our people
65 Caring for our environment
73 Providing a sustainable outcome for all stakeholders
77 Embracing innovation and technology
81 Our financials
139 Statement of corporate governance
156 Rymanians
162
Our village locations
164 Directory
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ANNUAL REPORT 2021
Chair’s report
Ryman residents Norm Reid and Maggie Gubbins with chair, Dr David Kerr.
RYMAN HEALTHCARE
4
We bore the brunt
of the COVID-19
pandemic during the
2021 financial year.
I am pleased to report
that we have come
through well and are
in good shape for
future growth.
DR DAVID KERR
CHAIR, RYMAN HEALTHCARE
5
ANNUAL REPORT 2021
A good result in a difficult year
The pandemic has been a once-in-a-generation challenge, but
we kept everyone safe. We also continued to build and
innovate, and the board is proud of what has been achieved.
In the year to 31 March 2021, our audited underlying profit was
$224.4 million. This is a decrease of 7.3 percent compared to
the prior year and reflects the increased costs of responding
to COVID-19 and the impact lockdowns in New Zealand and
Victoria had on our ability to undertake construction and
transact units.
Our operations in Victoria, where we were expecting the
majority of our growth to come from in the 2021 financial year,
were significantly impacted by Melbourne being in varying
degrees of lockdown for around 6 months.
Having voluntarily repaid the New Zealand Government wage
subsidy, the impact of COVID-19 on underlying profit for the
year was a cost of $19.8 million. This was spent on additional
staffing, security and resident welfare.
Our reported IFRS profit, which includes unrealised valuation
gains, increased 59.8 percent to $423.1 million.
We reached a milestone this year with the payment of a
full-year dividend of 22.4 cents per share, meaning we have
now returned more than $1 billion to shareholders since
listing in 1999.
The board of Ryman
Healthcare is proud of what
has been achieved in the most
challenging of years.
The work we have done to turn
our villages into safe havens
has been greatly valued by our
residents and their families.
“We are enormously grateful
for the extra effort our team has
put in to keep everyone safe.”
RYMAN HEALTHCARE
6
Project Safe Haven
Keeping our villages COVID-19 free,
coping with unexpected lockdowns
and adapting to the changing
alert levels was a challenge.
Our plan, known as Project Safe Haven,
was simple. We did everything we
could think of to allow our residents
to stay home, entertained and
comfortable, but, most of all, safe.
By delivering everything they
needed, keeping them connected
and finding new and better
ways to keep them engaged, we
managed to keep them safe.
Our team has been truly amazing.
Throughout the year, they have
put the welfare of our residents
first and they continue to do so.
Some of our team have been
in varying amounts of personal
protective equipment for well over
a year. They continue to exercise
great caution with their own activities,
living arrangements and personal
health and we are enormously
grateful for their extra efforts.
At the date of printing this annual
report, our residents and staff remain
COVID-19 free, and our vaccine
roll-out programme is in full swing.
Our residents have jumped at the chance
to get vaccinated, as have our team,
which is great for everyone’s wellbeing.
CUMULATIVE DIVIDENDS PAID SINCE LISTING
UNDERLYING PROFIT
-
m
m
m
m
m
-
m
m
m
m
m
m
ANNUAL REPORT 2021
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Investing in innovation
We have innovated more than ever in
the past year.
The pandemic meant we needed to
work in a completely different way, and
it brought technology to the fore.
The pioneering investment we made all
those years ago in myRyman – which
moved our care records into the digital
space – paid dividends.
We will continue to innovate in the year
ahead. With the help of technology,
we will lift the experience of our
independent residents to a whole new
level including health monitoring and
medication management.
We will be staging our own version of
the Tokyo Olympics – an opportunity to
empower our residents to compete, do
things they never thought they could,
and demonstrate where technology
can take us next.
Our residents are overwhelmingly
positive about their lives, and our
survey results during COVID-19
showed how much they appreciate
what we do.
We cannot rest on our laurels; we
will keep working to find the next
improvement or innovation that will
make their lives even better.
Introducing new Rymanians to the team
We continued to strengthen the skillset of our board and
senior executive team during the year.
In March we welcomed Greg Campbell to the board. Greg
is a well-respected CEO, who has strong governance and
commercial skills and has held a number of chief executive
and director roles across Australasia.
Most recently Greg has done a great job leading the team
at Ravensdown Limited for many years. Greg has great
insights into sustainability issues, which adds a valuable
new discipline to our governance team.
During the year we appointed Cameron Holland as
Chief Executive in Australia to run our Victorian operations
and drive our growth opportunities in the Australian
market. Cameron is an experienced business leader
having previously worked in the airline and travel industries
and has experience in the aged-care sector at a senior level
in Australia.
We also appointed Chris Evans as our Chief Construction
Officer during the year. Chris is an engineer who has built
a distinguished career in the construction industry in
Australia, including 25 years at John Holland, and most
recently he worked as Chief Assets and Infrastructure
Officer at Sydney Airport.
Gordon MacLeod signals intention to stand down
Group Chief Executive Gordon MacLeod let us know
recently that he had reached a point in his life where
he is keen to try something else after giving 15 years of
extraordinary service to Ryman.
During his 4 years as CEO we have opened 10 new villages,
increased our market capitalisation by $3 billion* and
returned dividends of $448 million to shareholders.
We also achieved our goal of opening five new villages in
Victoria by 2020.
“Our purpose is to provide the
best of care for our residents in
beautiful, sustainable homes.”
* Based on market capitalisation as at date of FY21 announcement.
RYMAN HEALTHCARE
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“The safety and security
of living in a Ryman village
is more valued than ever.”
As CEO he has demonstrated an extraordinary ability
to relate very positively to the many stakeholders in the
company and has been an authentic leader.
We will be conducting an international search for a
new group CEO. Maintaining our culture of everything
we do being “good enough for Mum or Dad” is of the
utmost importance.
We are very fortunate that Gordy has committed to stay
on until a suitable replacement is found, and he will be
leaving Ryman in a great position.
I would like to thank him very much on behalf of the board
and everyone at Ryman.
Our purpose remains unchanged
As a board we are acutely aware of our intrinsic purpose as
a company and the role Ryman plays in the communities
it operates in, as well as the importance of purpose to our
staff and many stakeholders.
Our purpose is to provide the best of care for our residents
in beautiful, sustainable homes. Our work is greatly valued
by the communities we operate in.
I suggest our purpose is what drives the collaboration,
innovation, commitment and creativity of our teams and
our stakeholders.
That’s why we’re called Ryman Healthcare. The name says
it all. We care for people.
Competitive returns to shareholders are essential to the
company’s success. These returns help provide the funds
to achieve our purpose.
We have not achieved this target recently for a variety
of reasons, but the board and management of this
company are very focussed on restoring this level of
return to the owners of Ryman as we move out of the
restrictions of a global pandemic, especially in our key
growth market of Victoria.
Thank you
Our result for the year is very credible
given we were operating during the
worst pandemic in 100 years.
We have kept everyone safe, and
we have continued to grow, innovate
and develop.
We’ve proven that our model of care is
a critical part of the infrastructure of
the communities we serve.
The safety and security of living in a
Ryman village is more valued than ever
by our residents and their families,
and we are expecting demand for our
services to continue to grow in the
years ahead.
We are looking forward to what comes
next – and we are certainly well
prepared.
This company has enormous potential
and I look forward to reporting back on
our achievements in 12 months.
Thank you, as always, for your support.
Dr David Kerr
CHAIR, RYMAN HEALTHCARE
ANNUAL REPORT 2021
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We partner with over 3,500 businesses who supply goods
and services to our villages, offices and construction sites.
In New Zealand
we have 5,563
team members
and in Australia
we have 604.
We provided more than
8 million hours
of care and services
last year.
We’ve donated over
$4 million
to New Zealand and
Australian charity
partners since 1999.
We support the health,
safety and wellbeing of over
6,100 team members
and 12,500 residents.
Stats and facts
We have offices
in Christchurch,
Auckland and
Wellington
in New Zealand
and Melbourne
in Australia.
18,500
Zoom calls
were made by care
residents to their families
during COVID-19.
RYMAN HEALTHCARE
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736 beds and units were built in FY21.
We’ve added 2,236 care beds and 5,096 units over the last 10 years.
41 villages
villages in New Zealandsites in New Zealand
villages in Australia
36 10
5
Over $1 billion
in dividends
has been paid
to shareholders
since listing.
declaration forms
52,000
have been completed by
visitors to keep COVID-19
out of our villages.
16
sites
sites in Australia
6
in the pipeline
We recycled
1,021 tonnes
of green waste into
compost last year.
We had over
27 cranes
operating across our
construction sites.
ANNUAL REPORT 2021
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Group chief executive’s report
Ryman residents Pat Mansell, Bruce Mansell and Kay Johnston with group chief executive Gordon MacLeod.
RYMAN HEALTHCARE
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We faced a number
of unprecedented
challenges during
the year. We’ve
kept innovating and
improving, and as a
result we are in a strong
position to grow in the
years ahead.
GORDON MACLEOD
GROUP CHIEF EXECUTIVE, RYMAN HEALTHCARE
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ANNUAL REPORT 2021
My highlight of the year is the way we kept
our villages free of COVID-19.
Keeping more than 18,600 residents and staff
across 41 villages and 12 construction sites
safe was a remarkable achievement.
Leading a team that has been so committed
and professional – and consistently so – is an
absolute privilege.
I am delighted that their work is so well recognised by
our residents. We won the Most Trusted Brand award
for our industry for the seventh time.
We do not take anything for granted. COVID-19 is a
tricky virus and things can change very quickly. We
are always on alert.
The COVID-19 vaccine programme is under way and
we’re encouraging everyone to take part. Take-up by
our residents and staff has been excellent.
Five villages in Victoria
Another highlight was reaching our
long-held stretch target of getting
five villages open in Victoria by the
end of 2020.
Our team in Australia has done a
wonderful job.
They spent half of last year under
lockdown, they kept everyone safe,
the construction team had to adapt to
multiple COVID-19 level restrictions,
and the sales team came out with great
February and March sales numbers
once the restrictions eased in Victoria.
We have built an extraordinary amount
of goodwill and almost 1,000 residents
in Australia now call our villages home.
A strong finish to the year
We ended the year with a flourish,
recording the highest number of
transacted sales ever in the final
quarter of a financial year.
Our reported IFRS profit was higher
than $400 million for the first time and
we had record cash collections in the
second half of $693 million, up
26.7 percent on last year.
Total cash receipts from residents
were a record $1.18 billion, an increase
of 4.1 percent and we finished the
year with $397 million of committed
new sale contracts in place. This is a
record year-end amount and this
cash will be collected over the next
12 to 18 months.
2021
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RYMAN HEALTHCARE
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“Leading a team that has been
so committed and professional
is an absolute privilege.”
This was a solid achievement given the
significant shutdowns experienced in
our two key markets. Heading into FY21,
we were expecting half of our growth
to come from Victoria, where it was
almost impossible to transact with new
residents for nearly 6 months. And in
Auckland, which is our biggest market
in New Zealand, we experienced level 3
lockdowns or above for 20 percent of
the year.
We are in a healthy financial position
with total assets of $9.17 billion, up
19.5 percent on last year. Shareholders’
equity has lifted by 23.0 percent to
$2.83 billion.
Available resales stock at 31 March was
only 1.4 percent of the portfolio, down
from 1.9 percent at 30 September.
Our low resale stock, combined with
mature care occupancy of 97 percent,
demonstrates that our villages
continue to be in strong demand.
In a year when we faced increased
operating costs and could not trade
or build for a significant amount of
time, I am pleased with what the
team has achieved.
CASH RECEIPTS FROM RESIDENTS
TOTAL ASSETS
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First halfSecond half
Interest-bearing debtTotal assets
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Interest-bearing debt represents ‘interest-bearing loans and borrowings’
in the balance sheet.
ANNUAL REPORT 2021
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Victorian land bank
We have recently added a new site in
Essendon, which replaces our nearby
Coburg site in the north of Melbourne.
The Essendon site is medium density
and is a more attractive prospect than
the high-rise Coburg site, which we
have sold.
We’ve got happy residents and strong
sales at Ocean Grove, John Flynn in
Burwood East and Charles Brownlow
in Highton, and our Aberfeldie village is
making great progress.
Aberfeldie will be our next village to
open its doors, our sixth in Victoria.
We are hoping to get going at Ringwood
East and Highett over the coming
months after we have finished the
planning endorsement process – both
sites have development approval.
This means we will have seven sites on
the go in Victoria, matching the seven
sites we are building at in New Zealand.
We continue to be busy in New Zealand
Our construction teams are busy building across seven sites
in New Zealand.
We are about to welcome our first residents at Keith Park in
Hobsonville and Riccarton Park in Christchurch.
Our first residents are settled at Miriam Corban in
Henderson and work is under way on the village centre.
James Wattie in Havelock North is now very established with
townhouse and apartment stages selling well, and work will
start on the care centre later in the coming year.
Development of the latter stages continues at William Sanders
in Devonport, Murray Halberg in Lynfield and Linda Jones
in Hamilton.
Our pipeline of New Zealand projects is growing.
Our development team has secured resource consents
for new villages in Takapuna and Kohimarama in Auckland
and Northwood in Christchurch.
We’ve also added a couple of great new sites in New Zealand.
The Karaka site is a broad-acre property a short drive from
Papakura, and we think it has huge potential in a growing part
of Auckland.
The Cambridge site is suited to a townhouse-style
development. It’s a popular place for retirees and has
a large catchment in a fast-growing region.
“We are in a healthy financial position
with total assets of $9.17 billion,
up 19.5 percent on last year.”
RYMAN HEALTHCARE
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We significantly diversified our
debt funding
Last year we signalled to the market
that we were looking to diversify both
the source and tenor of our debt and
we achieved this during the year.
We have raised NZ$825 million
across three new debt markets.
In the year to March 2021 we raised
NZ$150 million through a retail bond
offer and US$350 million via a US
Private Placement. In May 2021 we
raised a further AUD$250 million via
an institutional term loan.
The weighted average debt maturity
profile of these three debt raisings is
9 years. This has seen us extend our
weighted average debt maturity profile
of all our interest-bearing loans and
borrowings to 5 years.
Through the debt issuances it
was great to be able to explain our
model to new markets. The response
we received was very positive,
with all three debt raisings heavily
oversubscribed, a further endorsement
of our business model and strength.
Our debt is productive debt
We are building across 12 sites in two countries and we will
soon be under way on another two. This compares with
development across just four sites 3 years ago.
We anticipate the 12 villages we have under way will
generate $2.8 billion in capital proceeds and recurring
income of $220 million on completion.
This level of development requires a large upfront capital
investment and we invested a record $844 million into
our portfolio over the year. This has seen our working capital
debt lift to $2.25 billion.
Our development pipeline of 25 new villages would provide
homes for more than 6,800 residents and would generate
anticipated capital proceeds of $5.3 billion with recurring
income of $420 million, subject to market conditions and
consenting outcomes.
This is why we regard debt as productive. It is predominantly
a function of the working capital required to create new
Ryman communities and these communities generate
growing recurring cash flows for decades.
On top of the $420 million of recurring profits that will
be generated each year from developing and selling down
our land bank, our current earnings will also lift as our existing
portfolio matures.
ANNUAL REPORT 2021
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myRyman continues to develop
Technology continues to be a focus; we
see huge potential in it to improve the
lives of older people.
Our myRyman Care app is
continuously being developed and it
came into its own during the pandemic.
We are now looking at ways to roll
out new myRyman applications to
our independent residents, giving
them a digital platform to keep up
with village news and to digitise
activities such as health monitoring,
medication management, wellness,
and even everyday activities such
as food ordering, outing bookings
and payments.
We are also reviewing a nurse
practitioner model, which we think will
improve access to care and encourage
better health outcomes.
The model would also recognise the
considerable skills of our nurses and
provide another career pathway for
them, as well as easing the pressure on
our GPs.
We are really looking forward to trialling
these initiatives and getting feedback
from residents.
Sustainable Ryman
We continue to operate as sustainably as we can,
ensuring that we leave the environment in the best
shape possible for the generations to come.
Fundamentally, our whole model of operating has a
sustainable underpinning.
Each village we build creates warm, purpose-built
homes for older people with the care they need on hand.
They’re energy efficient and sustainable.
Our carbon footprint is much smaller than private
homes, our density is greater, and, in most cases, we
are also recycling brownfield sites. The traffic each site
generates is a fraction of a normal suburb.
Our medium-density villages prevent urban sprawl.
They free up homes in pressured housing markets
where demand is outstripping supply. They fit
perfectly with the aim of having people age in place.
By developing and operating our villages we create
thousands of jobs and careers.
“Each village we build creates warm,
purpose-built homes for older people
with the care they need on hand.”
RYMAN HEALTHCARE
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We are a critical part of the
healthcare infrastructure
The public health systems in
New Zealand and Australia continue
to be under pressure.
When you consider the demand
ahead for dementia care alone –
which research shows will more than
double over the next 30 years – you
can see why our services are going
to be in demand.
It’s imperative that aged care is
seen as a critical part of the
healthcare infrastructure in
New Zealand and Australia.
Now, more than ever, it’s clear that if
the aged-care sector fails to meet this
need it will create a huge burden on
the public system.
Thank you
I’d like to take this opportunity to thank all our shareholders
and stakeholders for your support over my 15 years at Ryman.
It’s been a privilege to have this role, and I’d like to thank all our
incredible team members and residents for their support.
I will be standing down once my replacement is in place, but you
can rest assured it will be business as usual for me until then.
I know I will leave with the company in a great position to grow
– it has huge potential and a wonderful purpose – to provide
retirement homes and care that are “good enough
for Mum or Dad”.
Gordon MacLeod
GROUP CHIEF EXECUTIVE, RYMAN HEALTHCARE
ANNUAL REPORT 2021
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Current villages under
development
Aberfeldie, Melbourne
Nellie Melba, Melbourne
Riccarton Park, Christchurch
Keith Park, Auckland
James Wattie, Havelock North
Miriam Corban, Auckland
Artist’s impression, Ryman villages under development.
RYMAN HEALTHCARE
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Linda Jones, Hamilton
Ocean Grove, Victoria
William Sanders, AucklandMurray Halberg, Auckland
Charles Brownlow, Victoria
John Flynn, Melbourne
“We are building
across 12 sites,
up from just four
sites 3 years ago.”
Gordon MacLeod
GROUP CHIEF EXECUTIVE
ANNUAL REPORT 2021
21
Future villages in
our pipeline
Essendon, Melbourne
Highett, Melbourne
Northwood, Christchurch
Kohimarama, Auckland
Karaka, Auckland
Mt Martha, Victoria
Artist’s impression, Ryman villages in the pipeline. Map data:
Google © 2021. Site boundaries are indicative only.
Jeremy Moore
CHIEF DEVELOPMENT OFFICER
“We have 13 sites
in our land bank
providing us with
a great platform
for growth.”
RYMAN HEALTHCARE
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Cambridge
Newtown, Wellington
Mt Eliza, Victoria
Takapuna, Auckland
Park Terrace, Christchurch
Karori, Wellington
Ringwood East, Melbourne
ANNUAL REPORT 2021
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We have a well-consented
pipeline of villages, which
gives us a great platform
for growth.
RYMAN HEALTHCARE
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Our pipeline of villages
DesignVillagesConsentingConstructionVillage openFinal
stages
Council
approval
The pipeline is subject to resource and building consent and various regulatory approvals.
William Sanders
Charles Brownlow
Nellie Melba
Murray Halberg
Linda Jones
John Flynn
Miriam Corban
James Wattie
Ocean Grove
Aberfeldie
Keith Park
Riccarton Park
Highett
Ringwood East
Takapuna
Northwood
Kohimarama
Park Terrace
Mt Eliza
Karori
Mt Martha
Newtown
Cambridge
Essendon
Karaka
ANNUAL REPORT 2021
25
Our directors
Dr David Kerr (Chair)
CNZM, MB CHB, FRNZCGP
David joined Ryman’s board in 1994 and has held the role of chair since
1999. A general practitioner, David is a fellow and past president of the
New Zealand Medical Association and was awarded a Fellowship with
Distinction by the Royal New Zealand College of General Practitioners.
He is chair of Centercare Limited and a director of Forté Health. David
was made a Companion of the New Zealand Order of Merit in the 2020
New Year’s Honours List.
Geoffrey Cumming
BA (HONS), MSC (ECON), LLD
Geoff re-joined the board in June 2018, having previously served as a
director from 1999 to 2000. Geoff is a Melbourne-based New Zealand
citizen who is an economist, investor and philanthropist. He has more
than 30 years’ experience as a chief executive and as a company
director and has served on more than 25 corporate boards in a wide
range of countries and industries. In 2019 Geoff was inducted into the
Alberta Business Hall of Fame.
Paula Jeffs
BA, GRAD DIP (IR), GAICD, CAHRI
Paula is a Melbourne-based human resources executive with experience
across the healthcare, finance and government sectors and deep
expertise in workforce planning, organisational capability and executive
coaching. In the early stages of her working life, Paula spent several years
as a carer in the aged and disability sector. Paula joined the board in 2019.
George Savvides
AM, BE (HONS), MBA, FAICD
George lives in Melbourne and has extensive experience in Australia’s
healthcare industry. In 2016 George retired as managing director of
Medibank, Australia’s largest health insurer, after 14 years in the role.
George joined Ryman’s board in 2013. He is chair of SBS (Broadcasting),
a non-executive director of IAG (Insurance Australia Group) and a
Fellow of the Australian Institute of Directors. In 2020 George was made a
Member of the Order of Australia for significant service to the community,
charitable groups and business.
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RYMAN HEALTHCARE
Jo Appleyard
LLB (HONS)
Jo is a partner at Chapman Tripp. She is a skilled advocate and litigator
specialising in commercial, employment, and resource management law.
Jo was a member of the NZ Markets Disciplinary Tribunal between 2011
and 2020. Jo joined the board in 2009.
Anthony Leighs
NZCB
Anthony is managing director of Leighs Construction, which he founded in
1995 and built into one of New Zealand’s leading commercial construction
contractors. He is a former chairman of the New Zealand Registered
Master Builders Association. Anthony joined the Ryman board in 2018.
Warren Bell
MCOM, FCA
Warren joined the board in 2011. He is an experienced public and private
company director and was previously an audit partner. Warren is
currently chair of Hallenstein Glasson and St George’s Hospital, and
is a director of several private companies.
Greg Campbell
MBA (DIST) FNZIM
Greg joined the board in March 2021. He is an experienced chief
executive and board director with more than 25 years’ experience
in leading large organisations across Australasia. Greg has strong
governance and commercial skills, a deep operational understanding
of business and a strong interest in sustainability and climate change.
Claire Higgins
BCOM, FCPA, FAICD
Based in Victoria, Claire is a non-executive director with experience
across a range of sectors in both Australia and New Zealand. She joined
Ryman’s board in 2014. Claire is chair of REI Superannuation Pty Ltd and
GMHBA Limited, and holds director positions in the medical device and
philanthropic sectors.
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ANNUAL REPORT 2021
Our senior executives
Cheyne Chalmers
CHIEF OPERATIONS OFFICER
Cheyne is a registered nurse and has worked in New Zealand and
Australia in senior roles in public health, including as Executive Director
of Residential and Support Services and Chief Nursing and Midwifery
Officer at Monash Health, Melbourne, and has been influential at a
state and national level. Cheyne is also an adjunct professor at Deakin
University in Victoria. Cheyne joined Ryman in 2020.
Gordon MacLeod
GROUP CHIEF EXECUTIVE
Gordy joined Ryman in 2007. He had previously been a corporate
finance partner with PwC and was the finance director of a
London-listed hi-tech engineering company. Gordy has a Bachelor
of Commerce degree and is a Fellow of Chartered Accountants
Australia and New Zealand (FCA). He is a board member of the
New Zealand Aged Care Association.
Cameron Holland
CHIEF EXECUTIVE OFFICER – AUSTRALIA
Cameron is an experienced business leader with over 15 years’
experience leading the commercial and operational arms of some of
Australasia’s largest and most well-known brands including Jetstar
and Lonely Planet. Cameron also has extensive experience in the
aged care, home care and retirement living sector in Australia.
Cameron joined Ryman in 2021.
David Bennett
CHIEF FINANCIAL OFFICER
Dave joined Ryman in 2013 and was promoted to Chief Financial Officer
in 2017. He is a board member of the New Zealand Retirement Villages
Association. Dave has a Bachelor of Commerce degree and is a chartered
accountant. Before joining Ryman, he worked as an accountant and auditor.
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RYMAN HEALTHCARE
Rick Davies
HEAD OF TECHNOLOGY AND INNOVATION
Rick joined Ryman in 2019. He has a Bachelor of Science degree and
previously worked for 9 years at Trade Me in a variety of senior leadership
roles spanning digital product management, commercial management
and running Trade Me’s new goods marketplace business.
Jeremy Moore
CHIEF DEVELOPMENT OFFICER
Jeremy is an experienced property executive in the retirement sector.
He has been a senior member of the Ryman development team since
2012 and was appointed Chief Development Officer in January 2020.
Jeremy holds a Bachelor of Commerce and Management degree.
Chris Evans
CHIEF CONSTRUCTION OFFICER
Chris is an experienced construction leader with more than 25 years
working for John Holland Construction Group in a range of operational
and senior leadership positions in Australia. Most recently Chris worked
at Sydney Airport, where he was Chief Assets and Infrastructure Officer.
Chris joined Ryman in 2021.
Andrew Crerar
HEAD OF PEOPLE AND CULTURE
Andrew joined Ryman in 2018 as People Development Manager. He was
promoted to Group People Development Manager in 2019 before moving
into his current role in 2020. Prior to this, Andrew completed a Master of
Arts (Economic Psychology) and worked in the public health sector in the
UK and in professional services in New Zealand.
Mary-Anne Stone
ACTING CHIEF SALES AND MARKETING OFFICER
Mary-Anne has over 25 years’ experience in the healthcare sector
in roles ranging from village manager to business development
and general practice management. Mary-Anne has a Masters in
Population Health focused on health systems for ageing populations
and health equity. Mary-Anne re-joined Ryman in 2020.
29
ANNUAL REPORT 2021
Ryman team member Dawn Hunt
with resident Bev Jarvis.
RYMAN HEALTHCARE
30
Who we are
and how we
create value
ANNUAL REPORT 2021
31
We provide beautiful homes and the best of care
for older people.
Our aim is to bring Ryman to as many communities
as we can, providing people with a choice of
quality living options for their retirement years.
We start by finding the right site, ensuring the
village we intend to build meets our feasibility
and sustainability requirements.
It must be the right place, at the right time, and it will
become a critical part of the healthcare infrastructure
of the community it serves.
We build the village and sell down occupation rights to
the units to recycle capital, which is used to invest in the
care centre and the development of other new villages.
We reinvest 50 percent of our underlying profits back
into the company to fund future development. This
reinvestment is needed to meet the extraordinary growth
ahead as the world’s population aged over 75 grows.
Creating value
Ryman Healthcare has been
creating value since 1984 by building
communities where people love to live
and work.
Value is created in the short, medium
and long term by building communities
with a purpose.
Ryman communities are places
where older people can choose to
live in beautiful homes with access to
superb amenities to be enjoyed with
supportive friends and neighbours.
They are places where our residents
can also expect the best of care if their
health needs change.
They are a family hub where children,
grandchildren and great-grandchildren
can visit and feel welcome and at home.
Families know their loved ones have
the comfort, security and dignity that
come with the best of clinical care.
Right at the start, our co-founder Kevin
Hickman described this purpose as
providing care that had to be “good
enough for Mum or Dad”.
Our purpose hasn’t changed since
then. Our aim is the same. We see
it as our privilege to provide these
communities and care.
Every new village we build also creates
value for the broader community,
freeing up homes for new families to
move into. In the 37 years we have
been operating, we have built over
12,000 new homes.
32
RYMAN HEALTHCARE
Using our capitals to build integrated communities
Our business model draws on six capitals to create value over time.
Our people
Our team is our most precious
resource. Ensuring that
we understand, value and
celebrate the differences that
each individual brings with
them is very important to us.
So is their health, safety and
wellbeing. We want them
to love the experience of
working at Ryman, and we
want to do everything we can to
help them to develop and build
long-term careers with us.
Our expertise
Over the past 37 years we have
built a wealth of knowledge
in how to build and operate
communities where people
thrive in retirement and receive
the best of care. The collective
wisdom and experience of
our team, and the systems
we have developed over this
time, are a huge asset, which
we use to our advantage. We
do not sit still. We strive to
improve by listening to our
residents and families and
using the lessons they provide.
Our communities
The communities we serve
have a common social issue
– the growing demand for
the care of older people and
a scarcity of supply and skill.
Each of our 41 retirement
villages provides critical
healthcare infrastructure.
Our new villages are built in
areas where there is unmet
need and they quickly
become an asset to the
wider community. They also
become a social hub for the
communities they serve.
Our relationships
Each village generates a
network of relationships
between residents, their
families, our teams, and
the wider community. Each
village also creates deep
long-term relationships with
local suppliers, contractors
and, of course, a local
workforce. We value these
relationships; we regard them
as the basis of our success.
Our environment
We want to make sure all
our decisions are made with
sustainability in mind, so that
we leave the environment
in a better condition for the
generations to come. We are
committed to a zero-carbon
future, and we are actively
pursuing ways to cut our
greenhouse gas emissions.
Our aim is to lead by example,
so we encourage all our team
and the people who supply us
to think the same way.
Our financial strength
Our long-term success, and
the financial strength it has
created, allows us to reinvest
to create even more value,
as well as generating returns
for shareholders to reward
them for investing in us. Our
view is always long term.
We recognise our investors
have plenty of choice about
where to invest, and we
appreciate their support.
ANNUAL REPORT 2021
33
How we create value over time
G
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CARING
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Our people
Our expertise
Our
communities
Our
relationships
Our
environment
Our financial
strength
RESOURCES
Build
integrated
retirement
villages
Develop
and support
our team
members
2.
1.
RYMAN HEALTHCARE
34
G
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Returns for
providers of
capital
Recycle capital
to invest in
future growth
Freedom to live
with choice
Incomes, security
and wellbeing for
our team
Revenues for our
business partners
VALUE
CREATED
Care now and
into the future
Deliver
world-class
care
Create sustainable
communities
3.
4.
ANNUAL REPORT 2021
35
Freedom to live with choice
Our villages are built to provide freedom of choice
around living options. Residents can choose to live
the way they wish and do their own thing, but know that
they’re part of a supportive community where care and
safety is paramount.
Moving to a retirement village creates a sense of freedom
and liberty for many residents – they feel free of the
obligations of traditional home ownership, and less reliant
on their families for their security and social connections.
Our villages have deep roots into the local community.
These are constantly changing and being renewed as new
residents bring their outside interests and networks into the
village with them.
The pace of life does not stop at our village gates. For many
residents, it speeds up.
Freedom from mowing the lawns, cleaning windows and, in
many cases, cooking duties gives them a new lease on life.
Residents find they have more time for exercise,
volunteering, seeing their friends, building relationships,
enjoying their family relationships, and trying new things.
“I wish I’d done it years ago,” is the common response
from new residents.
When things become difficult – as we found during the
repeated COVID-19 lockdowns of 2020/2021 – the security
and assurance that village life offers comes into its own.
Care now and into the future
We believe it’s our social responsibility to
provide people living in our communities
with the full spectrum of care. We design,
build and operate purpose-built villages
that offer care options from independent
and assisted living through to resthome,
hospital, and specialist dementia care.
Knowing that care is on hand if you need
it is reassuring for our residents and
their families.
We know we can never stand still.
We regularly review our processes
and innovate to make sure that
the care we provide is always of
the highest standard. Through our
rolling refurbishment programme, we
continually reinvest in our existing
villages to maintain the quality of our
asset base and meet the expectations
residents have of a Ryman village.
Our care continues to be recognised as
the best in the industry, with 84 percent
of our care centres in New Zealand
having achieved the ‘gold standard’ of
4-year certification. In Australia, our
care centres are fully accredited.
Our local health partners – whether they
are health boards, GPs or pharmacists
– recognise that we are building critical
healthcare infrastructure for the benefit
of the area. We are on the same team
when it comes to caring for people in
their community.
That means we are top of the list when
there is an older person in need of care
quickly, and families can trust they are
in good hands.
RYMAN HEALTHCARE
36
Incomes, security and wellbeing for our team
Each village we build creates an economic engine in the
community it serves, and its impact ripples out to the
whole region.
A new village creates hundreds of long-term, sustainable
and skilled jobs.
During the peak of construction, up to 400 workers will
be on site each day.
Once it is built, the village becomes a hub which provides
a livelihood for our team members and their families.
Each member of our team is part of a wider community,
and their prosperity, happiness and wellbeing at work
extend out to their families, and further.
Revenues for our business partners
Our network of more than 3,500 suppliers forms part of
the wider Ryman family. Many have been with us since the
beginning and have grown their businesses alongside us.
Our villages also become an economic driver for
local businesses, including food suppliers, hairdressers
and florists.
Returns for providers of capital
Since 1999 we have returned
50 percent of our underlying profit to
shareholders, and we have invested
the other 50 percent for future growth.
This reinvestment creates a long tail of
compounded earnings – the more we
invest, the larger our portfolio grows
and the returns compound over time.
This formula has ensured that our
shareholders share in our success,
and they share in our plans to create
value in the medium and long term by
building a growing network of villages
that are needed to cope with the
ageing population.
More than $1.03 billion in dividends has
been returned to shareholders.
Recycling capital to invest
in future growth
We listed on the NZX in 1999 and
raised $25 million to expand, and to
create value for our shareholders
by building a portfolio of villages to
meet the extraordinary demand for
retirement living we saw ahead as the
population aged.
The value created by our business
model for investors is extraordinary.
Since 1999 we have invested
$5.24 billion in new villages and grown
our total assets to $9.17 billion.
ANNUAL REPORT 2021
37
Christine Crossen,
Ryman resident.
38
RYMAN HEALTHCARE
What matters
most to our
stakeholders
ANNUAL REPORT 2021
39
Identifying what matters most
to our stakeholders
We are responsible to thousands
of stakeholders: from our residents
and their families, our team, and
our shareholders through to our
contracting partners and suppliers in
all the communities we operate in.
Our influence cascades into the
healthcare community, research
organisations, the arts, and hundreds
of community groups.
We see our residents and their families
as our most important stakeholders
– they are the reason we exist – and
we want to know what is important
to them, what we are doing well and
where we need to improve.
In the 2020 calendar year, our
dedicated resident relations team
had more than 15,000 different
contacts with our residents and their
families through our regular survey
activities, and our team members
made a further 9,400 welfare calls to
check on residents during the various
COVID-19 lockdowns.
We know that having happy staff is key to having happy
residents. We constantly seek feedback from our team
members and contractors about what matters most to
them. The different platforms we use to engage with our
wider team include annual staff and contractor surveys –
we undertook more than 10,000 of these last year – weekly
team huddles, one-on-one catchups, focus groups in villages
and a ‘raise an idea’ platform.
To our residents and their families our team are the face of
Ryman. Being where the action is means that our team are
idea generators. They always provide feedback on how we
can improve on the things we do and how we can innovate to
provide even better care. This insight is invaluable to us as
we strive to get better.
We listen to our neighbours to make sure we can make
positive contributions to the success of the local area. Our
team of community relations managers proactively engage
with members of the local community to understand what is
important to them.
Our dedicated investor relations and corporate affairs
managers proactively engage with other stakeholders
in New Zealand and overseas including investors, our
banking partners, regulators, and government. All of these
conversations help us to identify what matters most to
our stakeholders.
We are very conscious that investors have a choice about
where they invest. We want to make sure that investors are
kept informed about Ryman and are comfortable with where
they have chosen to put their money and how we operate.
We review and collate the information received from all
stakeholders and assess its effect on our ability to create
value in the short, medium and long term.
From our discussions, we have identified and grouped the
most material issues into five areas. We cover some of these
issues in more detail throughout this annual report.
RYMAN HEALTHCARE
40
Materiality matrix
SIGNIFICANCE OF IMPACT
STAKEHOLDER IMPORTANCE
Water & waste
management
Sustainable design
Carbon reduction
Capital
management
myRyman
Community
engagement
Resident
experience
Communication
Health, safety
& wellbeing
Diversity & inclusiveness
Care quality
Culture
Profitability
Market dynamics
Supply chain
Staff recruitment & development
Data privacy
Cyber security
Governance
Material issues
CARE AND
COMMUNITY
Resident experience, safety and wellbeing • Care quality and continued
innovation • Communication • Sponsorship and community engagement
PEOPLE
Health, safety and wellbeing • Staff recruitment, development and happiness
Culture of kindness and care • Diversity and inclusiveness
ENVIRONMENT
Carbon reduction • Sustainable design • Supply chain and material choice
Waste reduction and water management
SUSTAINABLE
FINANCIAL
PERFORMANCE
Capital management • Market dynamics and regulation
Growing underlying profit • Corporate governance
TECHNOLOGY
myRyman • Data privacy • Cyber security
ANNUAL REPORT 2021
41
Pam Popenhagen, Ryman resident.
RYMAN HEALTHCARE
42
Caring for
our residents
and our
communities
ANNUAL REPORT 2021
43
Our focus since January 2020
has been on ensuring our villages
are safe havens for our residents
in New Zealand and Victoria.
The agility of our teams to respond in
a crisis and keep our 12,500 residents
and 6,100 staff safe, happy and well is
something you as shareholders can be
immensely proud of.
In 2020, 98.1 percent of our
independent residents rated their
experience of living in a village
as good or very good, and our
serviced apartment residents
gave us a 97.3 percent rating.
Of our residents in care surveyed,
94.2 percent rated us as good or
very good, and 94.4 percent of the
relatives of our residents in care also
rated us as good or very good.
These were our best results ever.
Our strong clinical governance systems and processes
played an integral part in keeping everyone safe.
As a result of the global pandemic, we have further
enhanced our processes with the establishment of an
organisation-wide Infection Prevention and Control
Committee. The committee will monitor our infection
control practices and provide advice on key risks and
issues. This group, which includes external experts, will
also provide oversight to ensure we are meeting the
infection control care standards in Australia and
New Zealand.
of our independent residents rated
their experience as good or very good
of our residents in resthome or hospital
care rated us as good or very good
COVID-19 welfare calls
made by our team
views of our virus
communication web pages
98.1%
94.2%
9,400
50,000
OVER
44
RYMAN HEALTHCARE
We’re working to improve the
wellbeing of older people
Our work to improve the health of older
people through the establishment
of the Ryman Medication Advisory
Committee in 2019 has seen a
reduction in the use of unnecessary
medications prescribed by GPs.
Backed by the insights from data
collected through myRyman Care, the
committee works to support doctors
and nurses in the safe and effective
management of medications.
Medicine groups reviewed in the
quarterly meetings include: hypnotics
and sedatives; antipsychotics;
antidepressants; opioids;
anticholinergics; insulin and oral
hypoglycaemics; anticoagulants;
antiplatelet; and long-term
corticosteroids.
We are also using the wealth of secure
data collected from myRyman Care in
an artificial intelligence project to
identify early indicators of falls. The
outcome of this project has the
potential to create a new tool that
predicts the risk of and thereby helps
prevent falls for our residents.
Revolutionising dementia care
Our myRyman Life model of dementia care has been
recognised globally. Named Innovation of the Year
(Dementia Care Model Solution) at the Asia Pacific
Eldercare Innovation Awards in Singapore, myRyman Life
is the result of research, study, and interviews with people
living with dementia and their family members.
Collaboration with dementia care experts in New Zealand
and the UK has enabled a wealth of expertise and passion
to be incorporated into this innovative model.
myRyman Life care consists of four quadrants and
10 elements of happiness and is supported by a Care
Companion staffing model, three new assessment tools
and a range of new education resources.
It aligns with our core philosophy of kindness by developing
a unique perspective on dementia and equipping the care
team with specialised knowledge and skills to provide
supportive, compassionate care.
Over 90 percent of our 6,100 staff have completed the
four eLearning modules which were introduced in the
latter part of 2020.
The modules have been designed to increase knowledge
and understanding about dementia and provide guidance
on supporting a person with dementia to live a full, happy
and content life, while supporting the shift from task-based
care to experience-based care and from doing to being.
We are immensely proud of our teams for embracing
the core concepts of myRyman Life and melding
this into their daily practice. The new Care Companion
staffing model has recently been launched and we are
expecting to see a significant increase in perceived quality
of life in the moment, and in resident, family and staff
satisfaction scores.
ANNUAL REPORT 2021
45
Our work on dementia extends beyond
the village
We have spoken at a number of conferences
throughout the year on our new model, reaching
audiences in 35 different countries.
In partnership with Otago Polytechnic, our in-house
qualifications specialist has created a new NZQA-approved
Certificate in Person-centred Dementia Care. This is a first for
the industry and has attracted interest from across the sector.
We have begun the next phase of our myRyman Life model
of dementia care, which involves the roll-out of the eLearning
tools to our residents and their families.
We continue to evolve our Delicious menu
Meals are an important part of a resident’s day and during
the year we have further lifted our focus on food.
We’ve reviewed and refined our menus, introducing a new
menu testing process that actively involves residents in the
selection of the food we offer.
A test kitchen has also been created to allow us to test
new menus and experiment with different offerings.
The feedback we have received from staff and residents
has been positive, and we can’t wait to roll out the new
menus across all of our villages over the coming year.
This year we will also launch Saffron, a comprehensive
catering solution that will support our kitchen and front
of house teams from menu design and inventory control
through to resident meal ordering and real-time satisfaction
surveys. This system is a game-changer for foodservice
delivery at Ryman.
Delighting our residents
Through COVID-19, we did a lot more
for our independent residents than ever
before and they told us how much they
valued this.
We wanted to build on this, and we’ve
been actively engaging with our
residents through focus groups to better
understand what they want and how we
can lift our residents’ experience to the
next level.
Over the coming months we will
implement Project Delight across all our
villages. The project will include tailored
activity and lifestyle programmes that
have been co-designed with residents
and are centred around their interests.
Activities include creative writing, art
classes, meditation, learning a language
or instrument, and dance lessons.
Residents at the villages where we
have been piloting this programme
have told us the new activities are
helping them to form new social
connections within the villages.
The use of technology is also playing an
increasingly important role in the lives of
our residents. This year we will deliver
some exciting new digital products.
We will trial emerging smart home
technologies and ways to make it easier
for residents to engage with technology,
including voice. These innovations will
enhance our residents’ ability to stay
connected and engage with activities
in the village as well as improve their
overall health and wellbeing.
RYMAN HEALTHCARE
46
We are a positive force in
our communities
We support dozens of charities,
bowling clubs and arts organisations.
Each year, residents and staff help
choose one principal charity partner to
support. Ryman matches any money
raised for the partner by residents and
staff, so the more they raise, the more
Ryman donates.
Over the years we’ve donated more
than $4 million to New Zealand and
Australian charity partners, and last
year we raised $440,000 for breast
cancer awareness in both countries.
Our current charity partners are
Melanoma New Zealand and the
Melanoma Institute Australia. In
New Zealand our sponsorship allowed
Melanoma New Zealand to purchase
a van which is travelling the country
offering free mole checks – and it has
been a runaway success. It’s a life saver.
We continue to support dozens of other
organisations including Alzheimers
New Zealand, Dementia Canterbury,
Age Concern, SeniorNet, Christchurch
City Mission, Auckland City Mission,
and the Antarctic Heritage Trust.
Our support of the Stroke Foundation
is also ongoing. The Ryman-sponsored
blood pressure van has been an
incredible resource for the Foundation,
helping to raise awareness about
stroke and stroke risk factors.
Matthew Mark
CHRISTCHURCH CITY MISSIONER
“We are incredibly grateful
for the ongoing generous
support of Ryman.”
Melanoma New Zealand’s new mobile spot check van.
ANNUAL REPORT 2021
47
Supporting the arts
Our residents love that we support
the arts, and we see it as an
important part of our social licence
to provide assistance wherever we
can through partnerships.
We provided substantial backing
to the Melba Opera Trust, the
Melbourne Symphony Orchestra,
the Dame Malvina Major Foundation,
the Royal New Zealand Ballet,
and the New Zealand Symphony
Orchestra during the year. As well
as providing support for dozens of
artists, the relationships mean our
residents benefit with access to
wonderful cultural events.
“With the support of all our
friends at Ryman, we were
able to give more than
32,000 Kiwis a fairy tale
ending to 2020 with The
Ryman Healthcare Season of
The Sleeping Beauty.”
Lester McGrath
EXECUTIVE DIRECTOR, ROYAL NEW ZEALAND BALLET
Royal New Zealand Ballet Principal Kate Kadow in a publicity image for
The Ryman Healthcare Season of The Sleeping Beauty. Photograph by
Ross Brown.
RYMAN HEALTHCARE
48
Our sponsorship
network
ANNUAL REPORT 2021
49
Lynn Andrews
RYMAN RESIDENT
“It’s wonderful to contribute.
We’re not just sitting around...
We’re not retired just yet!”
COMMUNITY
CONVERSATIONS
50
RYMAN HEALTHCARE
We’ve teamed up with our
residents, the Department
of Conservation, and the
Predator Free New Zealand
network to build traps to
help save New Zealand’s
endangered birds.
Made with love by
Ryman residents
Charles Upham resident Lynn Andrews is the brains
behind the initiative. A retired watchmaker and health
and safety specialist with a hankering for conservation,
he has the patience and attention to detail necessary to
turn a good idea into reality.
The traps mean business. All the materials are
supplied by Ryman, and our residents build them to
DOC’s specifications.
More than 200 have been built and they are being
used to protect endangered birds – including the great
spotted kiwi – in fragile alpine environments.
We’ve set up relationships with the Department
of Conservation and Predator Free New Zealand,
supplying both DOC and community groups.
The result is a win for the environment and for
residents, Lynn says.
Lynn has no shortage of volunteers – including a retired
woodwork tutor and a retired builder – and says the
residents love working for a good cause.
His next plan is to recruit Ryman team members to join
the assembly line and take production nationwide.
ANNUAL REPORT 2021
51
The Ryman Prize recognises innovation that
supports the wellbeing of older people
In 2015 we set out to create the equivalent of a Nobel Prize
for work to improve the health of older people.
Since then the Ryman Prize has been awarded six times by
our international jury, and it has put New Zealand on the map
as a thought leader in elder health.
The 2020 Ryman Prize was awarded to Professor Miia Kivipelto
by the Right Honourable Jacinda Ardern, Prime Minister of
New Zealand.
The award recognises Professor Kivipelto’s more than
20 years of research into the prevention, diagnosis and
treatment of cognitive impairment, Alzheimer’s Disease,
and dementia.
She was inspired to take on the research by the experience of
caring for her grandmother, who lived with Alzheimer’s Disease.
Originally from Finland, Dr Kivipelto is the principal
investigator for the world-leading Finnish Geriatric
Intervention Study to Prevent Cognitive Impairment and
Disability, which is used in 30 countries.
The failure rate in Alzheimer’s Disease drugs under
development is 99.6 percent and no new drugs have been
approved since 2002.
Professor Kivipelto’s research focuses on identifying who
is at risk and finding ways to reduce it. There isn’t just one
solution – there is no miracle cure – but there are a whole
lot of things that can be done.
PREVIOUS WINNERS
2015 Gabi Hollows
(Restoring sight)
2016 Professor Henry Brodaty
(Alzheimer’s research)
2017 Professor Peter St
George-Hyslop
(Neurodegenerative research)
2018 Professor Takanori Shibata
(Robotics)
2019 Dr Michael Fehlings
(Degenerative cervical
myelopathy research)
Miia Kivipelto, 2020 Ryman Prize recipient.
RYMAN HEALTHCARE
52
Keeping in touch
If we are going to get better at what we do, we need to
know what everyone is thinking.
Our team had 26,000 contacts with residents and their
families through regular surveys and COVID-19 welfare
checks, and we are constantly communicating with them
about what’s going on.
They rated our communications during the COVID-19
emergency particularly highly, and we appreciated the
rapid feedback we received to ensure we were on track.
COVID-19 lockdowns required us to communicate
at a whole new level, and to gather different kinds of
information to keep everyone safe.
A check-in and health declaration system to track visitors
was rapidly developed and deployed, along with a visitor
booking system for families. At its peak we handled
1,000 bookings a day and this work was essential to keep
everyone safe and connected.
We successfully deployed Zoom video calling to
approximately 3,600 resident rooms. Since the roll-out,
residents have spent 16,000 hours on Zoom in 18,500
separate video calls.
The Ryman team is connected like never before thanks to
chattR, an organisation-wide collaboration platform built
on the Slack app.
chattR cuts down on email, replaces phones, and provides
instant communication capabilities across our more than
6,100 team members, spanning villages, construction sites
and offices in New Zealand and Australia.
separate Zoom calls made by care
residents to their families
connections with residents and
families through regular surveys
and COVID-19 welfare checks
18,500
26,000
ANNUAL REPORT 2021
53
Ryman team member Jerry Shi
with resident Aincy Sutcliffe.
54
RYMAN HEALTHCARE
Caring for
our people
ANNUAL REPORT 2021
55
Our people are our
greatest resource,
and they’ve shone for
our residents during
the toughest year in
our history.
RYMAN HEALTHCARE
56
You’ll find the names of all our
team at the back of this report.
They should all take a bow.
Our village teams were on the front
line to keep COVID-19 out. We can’t
thank them enough for the countless
times they went the extra mile, and
the personal sacrifices they made to
keep everyone safe.
Despite the added pressure of
COVID-19, our teams exemplified the
characteristics of what it means to be
a great Rymanian, quickly adapting
to the different lockdown levels and
working together to keep themselves
and our residents safe.
Collaboration between our
technology and people teams
meant that our people were able to
adapt effortlessly to the new, flexible
working arrangements.
Our sales, design, development,
and construction teams also did
a fantastic job coping with the
lockdowns, and through this period
we continued to innovate, develop
and grow.
Lead and empower
We lead others with kindness, clarity
and support.
Kindness and care
Kindness is in our DNA; it underpins
everything we do.
Strong teams
We build positive, trusting teams who
work together as one.
Resilience and composure
We keep going despite the bumps in
the road.
Strive for excellence
We innovate and work hard to earn
our success.
Communication
We use simple, clear language that gets
straight to the point.
CORE CHARACTERISTICS
What it means to be a great Rymanian
LEADERSHIP CHARACTERISTIC
ANNUAL REPORT 2021
57
We won’t compromise on the safety of our people
Our philosophy of ‘do it safely or not at all’ remains the
bedrock of our approach to health, safety and wellbeing.
Safely planning the work we do across our 12 construction
sites is very important to us. Last year our construction
teams completed over 3,200 prestart meetings. These
meetings focus on ensuring everyone understands the tasks
at hand, and that all risks are appropriately managed.
We actively support the construction industry’s efforts to
raise awareness of suicide prevention, and to encourage
people to talk about mental health. In New Zealand we
have partnered with Mates in Construction to provide
support to our teams on site. In Victoria, a Beyond Blue
ambassador works closely with the construction team
to equip them with the skills to identify when people are
struggling and tips on how to listen without judgement.
As part of our wider health, safety and wellbeing strategy,
we embarked on a large-scale change process with our
contractors in New Zealand, requiring them to complete
SiteWise accreditation. This means we can be reassured
they are aware of everything they need to do to maintain a
safe working environment before they set foot on our sites or
enter our villages.
We also introduced mandatory Site Safe Foundation
Passports for everyone working on our New Zealand sites,
and White Cards in Victoria, to ensure everyone is trained to
a minimum standard in health and safety, and aware of the
hazards they face.
During COVID-19 we introduced nurses on all our
construction sites to check temperatures and ensure our
construction teams complied with the rules, and they quickly
became a welcome wellbeing safeguard for our teams.
views of our wellbeing pages
on our website
reduction in high-risk findings from
construction audits
positive safety observations reported
13,675
50%
1,130
We provided free wellbeing resources
through a dedicated website during
COVID-19, and our internet traffic
took off, with our wellbeing pages
receiving 13,675 views during the year.
The resources included everything
from mental health and diet tips to
online exercise classes, and we were
recognised for our work in the annual
Human Resources New Zealand awards.
RYMAN HEALTHCARE
58
Our priority areas in
people and safety
Achieving risk
management excellence
1
Evolving worker
engagement and
participation initiatives
2
Enhancing health,
safety and wellbeing with
our wider Ryman family
3
Developing Ryman
leaders
4
Strengthening the
health and wellbeing
of our people
5
Measuring our success in health, safety
and wellbeing
We have identified key measures to help us continuously
monitor our progress and measure our success in health,
safety and wellbeing. We will regularly assess our impact and
progression and we will use the results to adjust accordingly
to achieve our vision of everyone home safe and well.
MEASURE
Number of events with high potential consequence
Incident and near miss reporting rates
Results from health, safety and wellbeing staff
engagement survey
Absenteeism rates
Staff turnover rates
Number of team members with an annual leave balance
greater than 30 days
Results of health and safety audits and actions completed
Percentage of planned safety observations completed,
and corrective action taken
Completion rates of safety leadership and risk
management training
Rate of engagement with health and wellbeing campaigns
ANNUAL REPORT 2021
59
We recognise the value of our people
Our people underpin our success. We are committed to the
ongoing training and development of our team and ensuring
career progression opportunities within Ryman.
We know that to continue to exceed expectations we need
people who have the right skills, confidence and knowledge,
and a culture that supports innovation, excellence, safety
and kindness.
Our challenge is to continue to attract, recruit, retain and
develop highly capable, passionate people and safeguard a
culture that enables them to perform at their best every day.
Our commitment to developing our people saw us establish
the Ryman Academy in 2018. The Academy now offers
qualifications in a range of specialist professions, including
caregiving, nursing, carpentry, gardening, cookery, and health
and safety.
We recognise the importance of having strong and
capable leaders. Our Ryman Leaders LEAP and Aspiring
Leaders programmes have been specifically designed to
improve the skills of our leaders and support them to lead
and grow their teams. Over 700 of our current and emerging
leaders have received development training through our
bespoke programmes.
We measure the outcome of our investment in developing
our leaders and the benefits this has for our teams through a
range of recognised measures.
Over the last 3 years we have seen
significant improvement across
a number of measures including
leadership effectiveness, staff
turnover, and our staff Net Promoter
Scores (NPS).
In fact, our staff NPS is the highest it
has ever been since we started using
this measure of engagement and
shows that our people are happier
than ever.
In the year ahead, we plan to
launch new development options in
construction management, village
management and sales management
while increasing our focus on
high-quality training and education
for our clinical teams.
“Our staff NPS is the highest it
has ever been and shows that our
people are happier than ever.”
Andrew Crerar
HEAD OF PEOPLE AND CULTURE
RYMAN HEALTHCARE
60
A great resident experience depends on staff
who are passionate about caring
It takes great people to find great people. And when your aim
is to put your residents at the heart of every decision, who
better to help recruit than residents themselves.
So, we harnessed the power of our residents to sit on our
interview panels, helping to quiz new recruits for top jobs.
The #PioneersWanted recruitment campaign, starring
Ryman team members and our resident recruiters, received
over 40,000 views and was a runaway success.
We’ve launched a programme for new graduates
During the year we launched a new graduate programme
which is aimed at giving a group of young leaders a chance
to blaze their own trail with us.
Our graduates are offered the chance to work in different
parts of the company, learn about it, and position themselves
for a career in leadership with us in an area that interests
them, and is suited to their skills.
Each year a new intake begins a two-year journey with us,
and the graduates work on rotation through three different
placements. They can work in village roles, office, or sales
positions or on our construction sites. We’ve tailored the
programme to give them a taste of what it is like to work
across Ryman, understand our culture and get their career
off to a flying start with us.
We celebrate the differences that
each person brings to Ryman
We are an ethnically diverse company.
Over one-third of our workforce was
either born outside New Zealand or
Australia or identifies with more than
one nationality.
Ensuring that we understand, value
and celebrate the differences that
each individual brings with them is
important to us. Woven throughout
the characteristics we look for in all
Rymanians are care, compassion and
understanding for others, treating
everyone with respect and dignity,
working together as one, and making
everyone feel welcome and equal.
As part of our ongoing education
around diversity and inclusion, we
will be rolling out workshops to educate
and inspire team members to continue
building an inclusive culture, challenge
their own innate biases and act as allies
for one another.
In the coming year, we will establish a
diversity and inclusion forum drawing
together people from across the
business. Their role will be to help drive
forward initiatives to continually grow
our cultural intelligence.
Our resident recruiters.
ANNUAL REPORT 2021
61
COMMUNITY
CONVERSATIONS
62
RYMAN HEALTHCARE
Albie Calope says he is
a confident person, but
“confidence is like a muscle –
you have to keep using it”.
Albie was the inaugural winner in 2019
of the Kevin Hickman Award presented
to the Ryman team member who best
exemplifies excellence in care and
leadership, while being empathetic and
kind at the same time.
Albie began working for Ryman in
2016 as the clinical manager at
Malvina Major Retirement Village
in Wellington.
“I like working for a company and with
people who are success driven and
focused on providing the very best
care for our residents,” he says. “But
I also value the Ryman concept of
care and kindness and the supportive
workplace environment.”
While working as clinical manager,
Albie was always ready to take on
new responsibilities. At times he
deputised for the village manager,
assisted with certification audits and
also worked at other villages when
needed, which he says gave him the
opportunity to learn more.
He has shown a willingness to step up and help, which was
crucial during the COVID-19 lockdown period.
He praises Ryman for offering him these opportunities,
including the LEAP leadership development programme, and
recognising his ability and commitment to his role in the village.
“I have always wanted to progress my career, climb the
ladder, and Ryman has given me those opportunities.
“I am focused on reaching out to the community and
creating strong relationships with the DHB and ensuring
that Malvina Major Retirement Village is recognised as a
place of clinical excellence.
“When the village manager’s position became available,
I believed I was capable of the role and I was the right
person for the job. I was already acting village manager
and, as they say, ‘the show needs to go on!’. Someone
needs to be the leader and that person was me.
“It is an honour and a responsibility to manage the village;
to ensure I retain high-quality, happy staff and deliver the
best of care for residents. This is their home and I am there
for them and their families.
“A big part of my role focuses on supporting my team to do
the best job they can.”
Albie aspires to be the best at what he does. His immediate
plans are to achieve ‘gold standard’ 4-year certification in
next year’s audit at Malvina Major.
The future, he hopes, may lead to further responsibilities,
but Albie is leaving nothing to chance.
“I feel so excited every day to come to work. I have the
passion, the energy and motivation to do it. I want to excel
in everything I do.”
Building a career
with Ryman
ANNUAL REPORT 2021
63
Victor Thompson, Annette Thompson
and Carol Thompson, Ryman residents.
RYMAN HEALTHCARE
64
Caring for our
environment
ANNUAL REPORT 2021
65
The homes we build
are energy efficient
and sustainable and
help to free up existing
homes in communities
where demand is
outstripping supply.
RYMAN HEALTHCARE
66
Our aim is to do the very best we
can for the environment.
We want to leave it in good shape
for the generations to come.
Our residents, our team and our
investors all share this goal.
Our aim is to balance this with our
responsibility to our residents.
We will never compromise on
their care, comfort and safety.
Our villages are energy efficient
in their design, we help to free up
homes in the local community
and we reduce the vehicle traffic
in the areas around our villages.
The care of our residents is our number one priority. Our
business model revolves around caring for older people.
The decisions we make as a business will always have care
at the heart. We believe that we can do this sustainably, with
less impact on the environment.
We recognise that our ongoing village operations will always
have a carbon cost associated with them. We regard this
cost as unavoidable for the moment.
For example, we cannot compromise our heating and
safety systems. These systems require significant amounts
of power to operate. Where we can, we only purchase
electricity generated through renewable sources to power
these systems. In New Zealand 80 percent of the energy we
use is from renewable sources.
We have done the basics, including switching our car fleet to
EVs and hybrids, replacing inefficient lights with LEDs and
diverting waste into recycling.
We also use our existing natural capital, our gardens and our
excess land, to plant trees to offset the carbon we produce.
Our construction operations are an area where we have
made great inroads on recycling and diverting waste from
landfill. In Auckland and Victoria, all construction waste is
being taken off site to be sorted by our waste providers. We
are currently recycling, on average, just over 80 percent of
construction waste from these sites.
We have adopted 11 Principles of Sustainable Design
and we are a member of the Green Building Council,
which gives us access to the latest ideas and advances
in sustainable building.
We are looking at the way we design and procure, and we
are building whole-of-life costs into our feasibility studies.
ANNUAL REPORT 2021
67
Our Principles of Sustainable Design
Our objective is to maximise, as far as practicable, the use of sustainable design principles in our
architectural design processes.
DESIGN PRINCIPLESTRATEGY
It’s all about our
residents
To keep our residents’ care, comfort, security and accessibility needs
at the heart of all our design decisions.
Treat as unique
To treat each design project as separate and ‘unique’ and to
incorporate specific local environmental and community aspects
into each project.
In it for the long haul
To deliver functional, durable and aesthetically pleasing designs that
will last.
Energy efficiency
To maximise energy efficiency through innovation, an open-minded
approach and the effective use of modern technology.
Keep it natural To utilise natural lighting and ventilation wherever possible.
Efficient water use
To design and implement efficient water management strategies
and systems.
Manage waste To incorporate designs that minimise waste as far as practicable.
Maintain wellbeing To specify and use low or non-toxic materials wherever possible.
Make the impact low
To consider environmental impacts as a key factor in our design
decisions, and minimise any impacts as far as practicable.
A sense of community
To incorporate the needs of local communities and related
infrastructure into our design processes.
Stay informed
To communicate sustainable aspects of projects for informational
and educational purposes.
RYMAN HEALTHCARE
68
We have been measuring our carbon footprint with the
help of Toitū Envirocare since 2018 and our greenhouse
gas (GHG) emissions are certified in accordance with
ISO 14064-1 standards. Our initial carbon reduction
commitment when we joined Toitū was to achieve a
5 percent reduction per $M turnover, covering a total
of Scope 1, 2, and 3 programme-mandatory emissions,
by the year 2023.
Following a 14 percent reduction in our carbon emissions per
$M turnover since 2017, we have lifted our target intensity to
30 percent per $M turnover by 2023.
In 2020 we saw an increase in our total emissions. This was
primarily driven by an increase in electricity consumption in
Australia as we opened new villages.
Unlike New Zealand, where 80 percent of the electricity
we use is renewable, coal and gas account for around
90 percent of Australia’s electricity generation.
As such, as we open further new villages in Australia we will
see an increase in our carbon footprint.
However, we will continue our efforts to minimise this impact.
We have incorporated a number of design features into
our Aberfeldie village in Melbourne which will result in a
28 percent saving on heating and cooling consumption for
apartment residents. We are currently considering further
initiatives that will help to offset emissions across the group.
Guarding against climate change
With climate change, weather events are becoming more
extreme.
When choosing a site we look to see if it is susceptible to the
impact of changes in weather- and climate-related risks.
We have emergency plans in place for every contingency,
and all our care centres have emergency power generators
on site as a safeguard. Our emergency power generators
were used 83 times in the year to 31 March 2021.
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BASE
TOTAL GROSS EMISSIONS LHS
NUMBER OF RESIDENTS RHS
ELECTRICITY
NZ
ELECTRICITY
VIC
NATURAL GAS
AIR TRAVEL
WASTE
FUEL
BASE
TOTAL GROSS GHG EMISSIONS (tCO
2
e)
GHG OPERATIONAL EMISSIONS
BY SOURCE
TOTAL GROSS GHG EMISSIONS PER
$M TURNOVER (tCO
2
e)
ANNUAL REPORT 2021
69
COMMUNITY
CONVERSATIONS
Artist’s impression, Aberfeldie village.
70
RYMAN HEALTHCARE
Our most
sustainable village
Ryman’s most sustainable
village is quickly taking
shape in Aberfeldie, Melbourne.
The village includes a host of
sustainable design features
including rain gardens and a
solar energy generation system.
The village’s energy rating is
top of its class and will save
28 percent on heating and
cooling energy consumption for
residents’ apartments.
Designed into its roof space are
158 photovoltaic panels, generating
39.5kW of power for the village.
Its rooftop system will store rainwater for
gardening and for toilets, saving more
than 1.3 million litres of water a year.
The footprint of the village, with low
rise blocks set across the site, meant
that it could be designed to maximise
sun, light and views, making it a
lovely place to live, as well as more
environmentally sustainable.
Features of the new Aberfeldie village include:
• A 7 Star Nationwide House Energy Rating Scheme
(NatHERS) assessment, resulting in a 28 percent
saving for apartment residents on heating and cooling
energy consumption
• A 25 percent saving on heating and cooling energy
consumption in public areas
• A 100,000-litre (100 kilolitre) rainwater tank system which
will provide garden irrigation and toilet flush water
• 100m² of rain gardens which will process stormwater
run-off from the village, resulting in less pollution making
its way into Melbourne’s stormwater system
• A solar generation system with a minimum total capacity
of 39.5kW
• Electric vehicle charging stations provided on site to
encourage electric vehicle use
• Low volatile organic compound (VOC) paints and
certified timber used throughout, which are kinder on the
environment as well as on the specialists using them
• Light-coloured roofing materials, which reduce heat
• Use of the latest thermal window, LED lighting and building
system products to reduce energy consumption
ANNUAL REPORT 2021
71
Alison Sutcliffe and Sandra Humphries,
Ryman residents.
72
RYMAN HEALTHCARE
Providing a
sustainable
outcome
for all
stakeholders
ANNUAL REPORT 2021
73
How we measure our financial performance
Growth in underlying profit is a key metric used within the
business to measure our trading performance. This measure
incorporates our four earnings streams: care fees, management
fees, realised resale gains, and development margins.
Our medium-term target is to double our underlying profit
every 5 years. This equates to annual growth of 15 percent
per annum and we remain committed to achieving this.
We did not meet this target in FY21. While financial
performance is important to all our stakeholders, so
too is the care we provide for older people.
In early January 2020 we made the decision to do everything
we could to keep our residents and staff safe and turn our
villages into safe havens.
A benefit of being a profitable company was that we
were able to spend what we needed to in order to keep
everyone safe. Our response to COVID-19 has totalled
over $50 million and we are now holding pandemic levels
of personal protective equipment for future use.
This investment has been well spent. As a company we
look after more than 12,500 residents and 6,100 staff, and
have over 4,500 contractors across our 41 villages and
12 construction sites. At the date of printing this annual
report, no-one has tested positive for COVID-19.
Our business model allows us
to recycle capital
Ryman’s origins date back to
1984, when our two founders
invested $10,000 to start their first
development. The same model has
evolved to enable us to turn $25 million
into more than $9.17 billion of assets.
Key to our success has been our
ability to recycle our cash investment
in a village while creating a recurring
income stream that grows over time.
This means that by the time we’ve
sold the occupation rights to the
apartments and townhouses in a new
village, it has paid for the construction
of those apartments and townhouses
as well as the community assets
and the care centre of that village.
We continue to target recycling our
cash investment and establish future
recurring income streams.
We expect to collect $2.8 billion of
capital proceeds from the 12 sites
currently under development.
Collectively, those sites will recycle
capital, which is always our objective.
And on completion, these 12 villages
will establish a recurring income stream
of around $220 million per annum that
will continue to grow over time.
RYMAN HEALTHCARE
74
Our debt is used to build new villages
Our debt increased to $2.25 billion, reflecting our expansion into
Victoria and a lift in our construction activity, which sees us now
building across 12 sites. This is our biggest-ever build programme.
The vast majority of this debt is used to fund our land bank
and the development of our new villages. This is why we, and
our funding partners, regard our debt as productive debt. By
the time we have developed and sold down all the villages in
our land bank, we would have very little bank debt while still
generating strong earnings and cash flows.
We’re providing our residents with greater choice
on how to pay for their care
At the end of the financial year we launched refundable
accommodation deposits (RADs) for our aged-care rooms
in New Zealand.
RADs provide our care residents with an alternative way to
pay the accommodation portion for their residential aged care.
To pay for their accommodation, they can now pay either a
daily fee, an accommodation deposit which is fully refunded
when the room is vacated, or a combination of the two options.
RADs are commonplace in Australia. The introduction of
these into our New Zealand business will enable us
to recycle capital more quickly at a village and means the
funding models in both countries are much more aligned.
We are well positioned to meet the demands of
an ageing population
Following a lengthy Royal Commission investigation into
aged care, the Australian Government has committed
a further $17.7 billion to the sector in response to the
recommendation made by the Commissioners.
The government’s 5 year- 5 pillar plan
commits to major reform of home
care, residential aged-care quality
and safety, residential aged-care
services and sustainability, workforce,
and governance.
The plan includes increased funding
for residential aged-care providers
to improve care, service and
contact time with staff along with a
commitment to grow a skilled and
professional workforce.
This commitment has been
well received by the sector, with
demand for what we do stronger
than ever and growing.
Penetration rates in both New Zealand
and Australia have continued to lift, and
the growth opportunities for us in both
markets is supported by an ageing
population and an undersupply of quality
retirement living and care options.
We are well placed to meet these
demands. Our current development
programme is spread across 12 sites in
New Zealand and Victoria, reducing
our construction and sales risks as well
as our exposure to any one market.
We have a well-consented land bank
and it is of a sufficient size that we
are not dependent on any new site
acquisitions to support our build rate
over the next 3 years.
ANNUAL REPORT 2021
75
Helen Thomas, Ryman resident.
RYMAN HEALTHCARE
76
Embracing
innovation
and
technology
ANNUAL REPORT 2021
77
This year we will trial
emerging smart home
technologies and ways to
make it easier for residents
to engage with technology,
including voice.
RYMAN HEALTHCARE
78
Building on myRyman
Our myRyman app revolutionised the
way we approach aged care. The days
of caregivers and nurses handwriting
notes at the nurses’ station have been
replaced with digital record keeping,
an exponential increase in data-driven
insights, and more time for our team
to do what they love doing – spending
time with residents.
We continued to develop myRyman
during the year. We introduced
additional automation and efficiencies
for our carers, along with the ability for
allied health professionals to integrate
to myRyman.
There is more to come. In the next
12 months we plan to expand the
myRyman platform to put technology
into the hands of our serviced and
independent residents. This will allow
residents to easily engage with village
life, build social connections, improve
wellbeing and access care services.
It will also provide a platform for the
rapid delivery of future innovative
services for residents.
Across the wider business we expect
to see a significant improvement in
efficiencies as we continue to evolve
our processes, ensuring they are fit for
purpose and providing our team with
the tools and support they need.
Cyber security remains a critical focus
Our clinical care systems depend on safe and reliable
information systems. As a healthcare provider Ryman
safeguards sensitive information on behalf of many
vulnerable people. We also look after sensitive commercial
information, and failing to safeguard any of these areas puts
us at risk.
As part of our induction process, all new Rymanians
undergo data privacy training. During the year we
launched an ongoing internal cyber security awareness
campaign to train our people. These campaigns focus on
educating people on how to avoid security risks such as
phishing attacks, and on the importance of multi-factor
authentication and secure passwords.
To further improve our cyber security processes several
external reviews and assessments are completed on a regular
basis. Cyber security is dynamic and evolving, so continual
education of our people, and ongoing reassessment of
processes and technology, is fundamental to ensuring the
Ryman environment is as protected as possible.
Rick Davies
HEAD OF TECHNOLOGY
AND INNOVATION
“Our technology teams will remain
relentlessly focused on improving
the resident experience.”
ANNUAL REPORT 2021
79
Ann Groom and Henry Claassen,
Ryman residents.
80
RYMAN HEALTHCARE
Our
f inancials
ANNUAL REPORT 2021
81
We have responded well
to the challenges that
COVID-19 has presented
and we are well placed,
with a strong balance
sheet, to take Ryman to
more communities.
RYMAN HEALTHCARE
82
6-year summary
FOR THE YEAR ENDED 31 MARCH 2021
20212020201920182017
2016
Financial
Underlying profit (non-GAAP)$m224.4242.02 27.0203.5178.31 57.7
Reported net profit after tax$m423.1264.7326.0388.2356.7305.4
Net operating cash flows$m413.1449.8401.4349.3322.8315.5
Net assets$m2,829.22,301.02 ,170.11,940.51,652 .11 ,3 27.5
Interest-bearing debt to interest-
bearing debt plus equity ratio%44%42%38%35%34%29%
Dividend per sharecents22 .424.222 .720.41 7. 815.8
Villages
New sales of occupation rightsno.503513414458600518
Resales of occupation rightsno.925923824825718690
Total sales of occupation rightsno.1,4281,4361,2381,2831,3181,208
Land bank (to be developed)
1,2
no.6,1466,5956,5935,9525,5544,211
Portfolio:
Aged-care bedsno.4,0873,9113,6603,3673,2813,12 1
Retirement-village unitsno.7, 9 8 37,4 2 36,8786,4145,9685,347
Total units and bedsno.12,07011,33410,5389,7819,2498,468
1 Includes retirement-village units and aged-care beds.
2 Of the 6,146 units and beds in the land bank, 2,651 are subject to resource and building consent.
20212020201920182017
2016
Underlying profit (non-GAAP)$m224.4242.02 27.0203.5178.31 57.7
Plus unrealised fair-value movement
on retirement-village units$m201.2(70.9)102.4185.3184.7
151.6
Plus deferred tax movement
$m
12 .693.6(3.4)(0.6)(6.3)(3.9)
Less impairment – loss on disposal
$m
(15.1)-----
Reported net profit after tax$m423.1264.7326.0388.2356.7305.4
Underlying profit is a non-GAAP* measure and differs from NZ IFRS profit for the year. Underlying profit does not have a standardised
meaning prescribed by GAAP and so may not be comparable to similar financial information presented by other entities.
The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a measure that the Group uses
consistently across reporting periods.
Underlying profit includes realised movement on investment property for units in which a right-to-occupy has been sold during the
period and for which a legally binding contract is in place at the reporting date. The occupancy advance for these units may have been
received or be included within the trade receivables balance at reporting date.
Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties, and impairment losses
on non-trading assets because these items do not reflect the trading performance of the Company. Underlying profit determines the
dividend payout to shareholders.
* Generally Accepted Accounting Principles.
ANNUAL REPORT 2021
83
The accompanying notes form part of these financial statements.
84
RYMAN HEALTHCARE
Financial statements
86 Primary statements
86 Consolidated income statement
87 Consolidated statement of comprehensive income
88 Consolidated statement of changes in equity
89 Consolidated balance sheet
90 Consolidated statement of cash flows
91 Notes to the consolidated financial statements
91 Statement of compliance
91 Basis of preparation
91 Measurement base
91 Critical judgements in applying accounting policies
92 Adopting new and amended standards and interpretations
92 Standards and Interpretations on issue but not yet adopted
92 COVID-19
92 Summary of significant accounting policies
100 Other notes
100 Operating expenses
101 Depreciation and amortisation expense
101 Finance costs
102 Income tax
104 Trade and other receivables
105 Property, plant and equipment
108 Investment properties
110 Intangible assets
111 Cash and cash equivalents
111 Trade and other payables
112 Employee entitlements
112 Interest-bearing loans and borrowings
114 Lease liabilities
115 Occupancy advances (non-interest bearing)
116 Share capital
116 Reserves
118 Dividends
118 Related-party transactions
119 Key management personnel compensation
119 Financial instruments
129 Commitments
129 Contingent liabilities
129 Reconciliation of net profit after tax with net cash flow from operating activities
130 Subsidiary companies
130 Segment information
132 Employee share schemes
133 Subsequent events
133 Authorisation
134 Independent auditor’s report
85
ANNUAL REPORT 2021
The accompanying notes form part of these financial statements.
Consolidated income statement
FOR THE YEAR ENDED 31 MARCH 2021
Notes20212020
$000
$000
Care fees359,241333,398
Management fees93,17088,713
Interest received103547
Other income3,2801,225
Total revenue455,794423,883
Fair-value movement of investment properties7416,847144,438
Total income872,641568,321
Operating expenses1(395,306)(349,249)
Depreciation and amortisation expense2(32,368)(28,616)
Finance costs3(19,365)(19,309)
Loss on disposal6(15,102)-
Total expenses(4 6 2 ,1 4 1 )(397,174)
Profit before income tax410,5001 7 1 ,1 47
Income-tax credit412,56193,563
Profit for the year423,061264,710
Earnings per share
Basic and diluted (cents per share) 1584.652.9
RYMAN HEALTHCARE
86
Consolidated statement of comprehensive income
FOR THE YEAR ENDED 31 MARCH 2021
Notes20212020
$000$000
Profit for the year423,061264,710
Items that will not be later reclassified to profit or loss
Revaluation of property, plant and equipment (unrealised)6, 16a195,793-
195,793-
Items that may be later reclassified to profit or loss
Fair-value movement and reclassification of cash-flow hedge reserve16b7,0 57(10,416)
Deferred tax movement recognised in cash-flow hedge reserve16b(1,976)2,916
Movement in cost of hedging reserve16c3,753-
Deferred tax movement in cost of hedging reserve16c(1,051)-
(Loss)/Gain on hedge of foreign-owned subsidiary net assets16d(4,414)1,205
Gain/(Loss) on translation of foreign operations16d16,546( 5,6 74 )
19,915(11,969)
Other comprehensive income215,708(11,969)
Total comprehensive income638,7692 5 2 ,741
All profit and total comprehensive income is attributable to parent company shareholders and is derived from continuing operations.
The accompanying notes form part of these financial statements.
ANNUAL REPORT 2021
87
The accompanying notes form part of these financial statements.
Consolidated statement of changes in equity
FOR THE YEAR ENDED 31 MARCH 2021
Notes
Issued
capital
Asset
revaluation
reserve
Cash-
flow
hedge
reserve
Cost of
hedging
reserve
Foreign-
currency
translation
reserve
Treasury
stock
Retained
earnings
Total
equity
$000$000$000$000$000$000$000$000
Balance at
1 April 201933,2902 5 7,7 7 5(9,643)-(5,876)( 2 7, 4 6 5 )1,922,0492 ,1 7 0,1 3 0
Profit for the year16------264,710264,710
Other comprehensive
income for the year
16
--(7,500)-(4,469)--(11,969)
Total comprehensive
income for the year
16
--(7,500)-(4,469)-264,7102 5 2 ,74 1
Treasury stock
movement
16
-----(4,894)-(4,894)
Dividends paid to
shareholders
17
------(117,000)(117,000)
Balance at
31 March 202033,2902 5 7,7 7 5(1 7,1 4 3 )-(10,345)(32,359)2,069,7592,300,977
Balance at
1 April 202033,2902 5 7,7 7 5(1 7,1 4 3 )-(10,345)(32,359)2,069,7592,300,977
Profit for the year16------423,061423,061
Other comprehensive
income for the year
16
-195,793
5,0812 ,70212,132--215,708
Total comprehensive
income for the year
16
-195,7935,0812 ,70212,132-423,061638,769
Treasury stock
movement
16
-----(3,030)-(3,030)
Dividends paid to
shareholders
17
------(107,500)(107,500)
Balance at
31 March 202133,290453,568(12,062)2 ,70 21,7 87(35,389)2,385,3202,829,216
RYMAN HEALTHCARE
88
The accompanying notes form part of these financial statements.
Consolidated balance sheet
AT 31 MARCH 2021
Notes20212020
$000
$000
Assets
Cash and cash equivalents920,17134,374
Trade and other receivables5542,798425,942
Inventory26,738-
Advances to employees2611,14110,224
Property, plant and equipment61,658,5831,386,072
Investment properties76, 8 3 7, 2785,760,060
Intangible assets842,44438,119
Deferred tax asset (net)432,45622 ,455
Total assets9,171,6097,6 7 7, 2 4 6
Equity
Issued capital1533,29033,290
Reserves16410,606197,928
Retained earnings16f2,385,3202,069,759
Total equity2,829,2162,300,977
Liabilities
Trade and other payables10106,072183,975
Employee entitlements1132,03425,678
Revenue in advance71,81764,301
Derivative financial instruments2028,61123,809
Refundable accommodation deposits113,66674 ,57 1
Interest-bearing loans and borrowings122,274,0931,741,613
Occupancy advances (non-interest bearing) 143,702,2153,247,177
Lease liabilities1313,88515,145
Total liabilities 6,342,3935,376,269
Total equity and liabilities9,171,6097,6 7 7, 2 4 6
Net tangible assets
Basic and diluted (cents per share)155 57.4452 .6
ANNUAL REPORT 2021
89
The accompanying notes form part of these financial statements.
Consolidated statement of cash flows
FOR THE YEAR ENDED 31 MARCH 2021
Notes20212020
$000
$000
Operating activities
Receipts from residents231,176,4011,129,933
Interest received229573
Payments to suppliers and employees(421,135)(345,765)
Receipt from Government for wage subsidy14,227-
Repayment to Government for wage subsidy(14,227)-
Payments to residents(323,810)(315,903)
Interest paid(18,566)(19,047)
Net operating cash flows23413,119449,791
Investing activities
Purchase of property, plant and equipment(219,416)(265,177)
Purchase of intangible assets(9,462)(9,712)
Purchase of investment properties(577,504)(401,612)
Capitalised interest paid(37,179)(34,911)
Advances to employees(917)(2,071)
Net investing cash flows(844,478)(713,483)
Financing activities
(Repayment)/Drawdown of bank loans (net)(36,713)4 2 1 , 874
Proceeds from the issue of retail bonds150,000-
Proceeds from US Private Placement notes416,874-
Dividends paid(107,500)(117,000)
Purchase of treasury stock (net)(3,029)(4,895)
Repayment of lease liabilities (2 ,476)(1,913)
Net financing cash flows417,156298,066
Net (decrease)/increase in cash and cash equivalents(14,203)34,374
Cash and cash equivalents at the beginning of the year34,374-
Cash and cash equivalents at the end of the year2 0,1 7 134,374
RYMAN HEALTHCARE
90
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2021
The notes to the financial statements include
information which is considered relevant and material
to assist the reader in understanding changes in
the Group’s financial position and performance.
Information is considered relevant and material if:
• the amount is significant because of its size
or nature
• it is important for understanding the results of
the Group
• it helps explain changes in the Group’s business
• it relates to an aspect of the Group’s operations
that is important to future performance.
STATEMENT OF COMPLIANCE
The financial statements presented are those of
Ryman Healthcare Limited (the Company), and its
subsidiaries (the Group). Ryman Healthcare Limited is
a profit-oriented entity incorporated in New Zealand
that develops, owns, and operates integrated
retirement villages, resthomes, and hospitals for the
elderly within New Zealand and Australia.
Ryman Healthcare Limited is a Financial Markets
Conduct Act reporting entity under the Financial
Reporting Act 2013 and the Financial Markets Conduct
Act 2013. Its financial statements comply with these Acts.
The consolidated financial statements have been
prepared in line with Generally Accepted Accounting
Principles in New Zealand (NZ GAAP). The statements
comply with New Zealand equivalents to International
Financial Reporting Standards (NZ IFRS) and other
applicable financial reporting standards.
The consolidated financial statements also comply
with International Financial Reporting Standards (IFRS).
BASIS OF PREPARATION
Accounting policies are selected and applied in a
way that ensures the resulting financial information
satisfies the concepts of relevance and reliability, and
the substance of the underlying transactions or other
events is reported.
The accounting policies set out below have been
consistently applied in preparing the financial
statements for the year ended 31 March 2021.
These policies have also been applied to the
comparative information presented for the year
ended 31 March 2020.
The information is presented in thousands of
New Zealand dollars.
All reference to AUD refers to Australian dollars.
All reference to USD refers to US dollars.
MEASUREMENT BASE
The Group follows the accounting principles
recognised as appropriate for measuring and reporting
financial performance and financial position on a
historical-cost basis, except when:
• certain property, plant and equipment is
subject to revaluation (note 6)
• investment property is measured at fair
value (note 7)
• certain financial assets and liabilities are
measured at fair value (note 20).
CRITICAL JUDGEMENTS IN APPLYING
ACCOUNTING POLICIES
In applying the Group’s accounting policies,
management must make judgements, estimates,
and assumptions about the carrying value of assets
and liabilities that are not readily apparent from
direct sources.
The estimates and associated assumptions are based
on historical experience and various other factors that
are reasonable under the circumstances. The results
form the basis of making the judgements. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate
is revised, if the revision affects only that period.
Revisions to accounting estimates are recognised
in the period of the revision and future periods, if the
revision affects both current and future periods.
ANNUAL REPORT 2021
91
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
The following accounting policies and notes contain
information about significant areas of estimation
uncertainty and critical judgements in applying
accounting policies that have the most significant
effect on the amounts recognised in the financial
statements.
• Valuation of property, plant and equipment –
policy (d) and note 6
• Valuation of investment property –
policy (f) and note 7.
ADOPTING NEW AND AMENDED
STANDARDS AND INTERPRETATIONS
In the current year, the Group adopted all mandatory
new and amended standards and interpretations.
STANDARDS AND INTERPRETATIONS ON
ISSUE BUT NOT YET ADOPTED
We are not aware of any NZ IFRS Standards or
Interpretations that have recently been issued or
amended that have not yet been adopted by the Group
that would materially impact the Group for the annual
report period ending 31 March 2021.
COVID-19
The outbreak of COVID-19, declared by the World Health
Organization as a global pandemic on 11 March 2020,
resulted in an increase in uncertainty in both global
and local markets.
Both New Zealand and Australia have responded well
to the virus with strong public health measures and
a range of economic stimulus packages. However,
despite the response, there remains uncertainty
as to the ongoing impact of the virus on market
conditions in New Zealand and Australia. In Australia,
Victoria has been through two waves of infection and
corresponding lockdowns, succeeding in reducing the
spread of infection, and New Zealand has responded
with localised increases in alert level to suppress
transmission of the virus.
Throughout the pandemic the Group’s primary focus
has been to protect the safety of both residents and
staff. When necessary, access restrictions have been
put in place at villages, additional personal protective
equipment has been procured for staff, and other costs
have been incurred in supporting residents and staff.
Under lockdown conditions the ability of new residents
to enter villages is limited, meaning fewer sales can
be settled, and the restrictions at development sites
results in construction activity being reduced. The
Group continues to adapt its policies and procedures
to operate in the conditions created by COVID-19.
The Group has assessed the impact of COVID-19
and has concluded that additional uncertainty
regarding the valuation of property, plant and
equipment (note 6) and valuation of investment
properties (note 7) has resulted from the pandemic.
Further disclosure as to the impact of COVID-19 is
included in the relevant notes.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
The following significant accounting policies have
been adopted to prepare and present the financial
statements of the Group.
a. Basis of consolidation – purchase method
The consolidated financial statements are
prepared by combining the financial statements of
all the entities that comprise the Group, being the
Company (the parent entity) and its subsidiaries
as defined in NZ IFRS 10 Consolidated Financial
Statements. A list of subsidiaries appears in note
24 to the financial statements.
Consistent accounting policies are used
to prepare and present the consolidated
financial statements. All significant inter-company
transactions and balances are eliminated in full
on consolidation.
The financial statements of subsidiaries are prepared
for the same reporting period as the parent company,
using consistent accounting policies.
Income and expenses for each subsidiary whose
functional currency is not New Zealand dollars are
translated at exchange rates that approximate
the rates at the actual dates of the transactions.
Assets and liabilities of such subsidiaries are
translated at exchange rates at balance date.
All resulting exchange differences are recognised
in the foreign-currency translation reserve, which
is a separate component of equity.
RYMAN HEALTHCARE
92
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
b. Revenue recognition
The Group recognises revenue and income from
the following major sources.
• Care fees
• Management fees
• Interest received.
Revenue and income are recognised as follows.
Care fees
Care-facility and retirement-village service
fees are linked to providing service on a specific
day (service date). Revenue from care and
retirement-village service fees are recognised on
completion of the service date.
Management fees
Residents of the Group’s independent-living units
and serviced apartments pay a management
fee for the right to share in the use of the
village centre and other common facilities. The
management fee is calculated as a percentage of
the occupation-right agreement amount. The fee
accrues monthly, for a set period, based on the
terms of individual contracts.
Management fees are recognised on a straight-line
basis over the period of service.
The period is determined as being the greater of
the expected period of tenure, or the contractual
right to management fees.
The expected periods of tenure, based on
historical experience across our villages, are
estimated to be 7 years for independent units
and 3 to 4 years for serviced units. The estimated
expected periods of tenure are unchanged from
last year.
The timing of when management fees are
recognised is an accounting estimate. Historical
experience across all villages is used in
determining periods of tenure.
Interest received
Interest income is recognised in the income
statement as it accrues, using the effective
interest method.
c. Borrowing costs
Borrowing costs directly attributable to the
acquisition, construction, or production of
qualifying assets (assets that take a substantial
period of time to get ready for their intended use)
are added to the cost of those assets until the
assets are substantially ready for use.
All other borrowing costs are recognised in profit
and loss in the period in which they are incurred.
d. Property, plant and equipment
Property, plant and equipment comprises
completed care facilities, corporate assets and
land (including long-term leases of land), and care
facilities under development.
All property, plant and equipment is initially
recorded at cost. Typically, these costs include
the cost of land, materials, wages, and interest
incurred during the period required to complete
and prepare the asset for its intended use.
Following initial recognition at cost, completed
care-facility land and buildings are carried at a
revalued amount, which is the fair value at the
date of the revaluation, less any subsequent
accumulated depreciation on buildings and
accumulated impairment losses.
Independent valuations are performed with
sufficient regularity to ensure that the carrying
amount does not differ materially from the asset’s
fair value at the balance-sheet date.
Any revaluation surplus is recorded in other
comprehensive income and credited to the
asset revaluation reserve included in the equity
section of the balance sheet, unless it reverses a
revaluation decrease of the same asset previously
recognised in the income statement. In this case,
the increase is credited to the income statement
to the extent of the decrease previously charged.
ANNUAL REPORT 2021
93
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Any revaluation deficit is recognised in the income
statement unless it directly offsets a previous
surplus of the same asset in the asset revaluation
reserve, in which case the revaluation deficit is
recorded in other comprehensive income.
In addition, any accumulated depreciation at the
revaluation date is eliminated against the gross
carrying amount of the asset, and the net amount
is restated to the revalued amount of the asset.
On disposal, any revaluation reserve relating to
the particular asset being sold is transferred to
retained earnings.
An item of property, plant and equipment is
derecognised on disposal or when no future
economic benefits are expected to arise from the
continued use of the asset.
Any gain or loss arising on disposal of the asset
(calculated as the difference between the net
disposal proceeds and the carrying amount of the
item) is included in the income statement in the
period the item is derecognised.
e. Depreciation
Depreciation is provided on all property, plant
and equipment, other than freehold land, at
straight-line (SL) rates calculated to allocate the
assets’ cost or valuation, less estimated residual
value, over their estimated useful lives, starting from
the time the assets are ready for use, as follows.
• Buildings 2% SL
• Plant and equipment 10–20% SL
• Furniture and fittings 20% SL
• Motor vehicles 20% SL
The estimated useful lives, residual value and
depreciation method are reviewed at the end
of each reporting period, with the effect of
any changes in estimate accounted for on a
prospective basis.
No depreciation is provided for investment
properties.
Right-of-use assets relating to leases are
depreciated on a straight-line basis over the
term of the lease.
f. Investment properties
Investment properties include land and buildings
(including long-term leases of land), equipment
and furnishings relating to retirement-village units
and community facilities, including units and
facilities under development. They are intended to
be held for the long term to earn rental income and
for capital appreciation.
Retirement-village units and community facilities
are revalued on a semi-annual basis and restated
to fair value as determined by an independent
registered valuer. Any change in fair value is taken to
the income statement. The fair value is determined
using discounted cash-flow methodology.
Rental income from investment properties, being the
management fee and retirement-village service fees,
is accounted for in line with accounting policy (b).
g. Intangible assets
Expenditure on research activities is recognised as
an expense in the period in which it is incurred.
An internally generated intangible software
asset arising from development (or from the
development phase of an internal project) is
only recognised if all the following criteria have
been demonstrated.
• It is technically feasible to complete the
intangible asset so that it is available for
use or sale.
• The Group intends to complete the
intangible asset and use or sell it.
• The intangible asset can be used or sold.
• Probable future economic benefits of the
intangible asset can be generated.
• Adequate technical, financial, and other
resources are available to complete
the development and use or sell the
intangible asset.
• The expenditure attributable to the
intangible asset can be measured
during its development.
The amount initially recognised for internally
generated intangible assets is the sum of the
expenditure incurred from the date when the
RYMAN HEALTHCARE
94
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
intangible asset first meets the recognition criteria
listed above. Where no internally generated
intangible asset can be recognised, development
expenditure is recognised in profit or loss in the
period in which it is incurred.
After initial recognition, internally generated
intangible assets are reported at cost less
accumulated amortisation and accumulated
impairment losses, on the same basis as intangible
assets that are acquired separately.
Internally generated intangible assets are
amortised using the straight-line (SL) method at
a rate of 10 percent from the point at which the
asset is ready for use. Amortisation is recognised
in profit or loss.
h. Impairment of assets
At each interim and annual balance-sheet
date, the Group reviews the carrying amounts
of its assets to determine whether there is any
indication that those assets have suffered an
impairment loss. If such an indication exists, the
recoverable amount of the asset is estimated to
determine the extent of any impairment loss.
Where the asset does not generate cash flows
that are independent from other assets, the
Group estimates the recoverable amount of the
cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value
less costs to sell and value in use. In assessing
value in use, the estimated future cash flows are
discounted to their present value. The Group
uses a discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset, for which the estimates
of future cash flows have not been adjusted.
If the recoverable amount of an asset
(cash-generating unit) is estimated to be
less than its carrying amount, the carrying
amount of the asset (cash-generating unit)
is reduced to its recoverable amount.
An impairment loss is immediately recognised as
an expense, unless the asset is carried at fair value.
In this case, the impairment loss is treated as a
revaluation decrease.
Where an impairment loss subsequently reverses,
the carrying amount of the asset (cash-generating
unit) is increased to the revised estimate of its
recoverable amount. However, this is only to the
extent that the increased carrying amount does
not exceed the carrying amount that would have
been determined had no impairment loss been
recognised for the asset (cash-generating unit) in
prior years.
A reversal of an impairment loss is immediately
recognised as income, unless the asset is carried at
fair value. In this case, the reversal of the impairment
loss is treated as a revaluation increase.
i. Leases
Apart from short-term or low-value assets, leases
are included on the balance sheet through the
recognition of right-of-use assets and associated
lease liabilities. Right-of-use assets are presented
within property, plant and equipment.
At inception of the lease a lease liability is
calculated based on the present value of the
remaining cash flows, discounted using the
Group’s incremental borrowing rate. Subsequently,
the lease liability is adjusted for interest and
lease payments, as well as the impact of lease
modifications. The right-of-use asset is initially
measured at the value of the initial lease liability,
and subsequently measured at cost less
accumulated depreciation, adjusted for any
remeasurement of the lease liability.
Where a lease contract contains both lease
and non-lease components (for example, tower
cranes), the Group does not separate non-lease
components from lease components, and instead
accounts for the whole contract as a lease.
The Group calculates its incremental borrowing
rate with reference to the external borrowing
facilities available to the Group. The incremental
borrowing rate is used to measure lease liabilities.
Depreciation and finance costs associated with
right-of-use assets and lease liabilities associated
with equipment used in the construction of assets
are capitalised as a cost of constructing the asset.
ANNUAL REPORT 2021
95
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
The lease payment for short-term leases and
leases of low-value assets is recognised in the
profit and loss over the lease term.
Long-term leases of land are recognised
within property, plant and equipment and
investment property.
j. Revenue in advance
Revenue in advance represents those amounts by
which the management fees over the contractual
period exceed recognition of the management fee
based on expected tenure.
k. Financial instruments
Financial assets and financial liabilities are
recognised on the Group’s balance sheet when
the Group becomes party to the contractual
provisions of the instrument.
Cash and cash equivalents
Cash and cash equivalents comprise cash on
hand, cash in banks and on-demand deposits,
and other short-term, highly liquid investments
readily convertible to a known amount of cash
and subject to an insignificant risk of changes in
value. This includes all call borrowing, such as
bank overdrafts, used by the Group as part of
its day-to-day cash management.
Financial assets at amortised costs
Trade receivables are held to collect contractual
cash flows. The cash flows are the payment of
principal and interest.
Trade receivables are measured at amortised
cost, less any impairment. This is equivalent to
fair value, being the receivable face (or nominal)
value, less appropriate allowances for estimated
irrecoverable amounts.
The allowance recognised is the lifetime expected
credit losses based on an assessment of each
individual debtor. It is estimated based on the
Group’s historical credit loss experience and
general economic conditions. Expected credit
loss represents the expected credit losses that will
result from all possible default events over
the expected life of the debtor.
Trade receivables are written off when there
is no realistic chance of recovery.
Occupancy advances
Occupation agreements confer to residents the
right of occupancy of the retirement-village unit for
life, or until the resident terminates the agreement.
Amounts payable under occupation agreements
(occupancy advances) are non-interest bearing
and recorded as a liability in the balance sheet,
net of management fees and resident loans
receivable. The resident-occupancy advance
is initially recognised at fair value and later at
amortised cost.
As the resident may terminate their occupancy
with limited notice, and the occupancy advance is
non-interest bearing, the occupancy advance has
demand features and so is carried at face value,
which is the original advance received.
The advance, net of management fee, is repayable
following both the termination of the occupation
agreement and the settlement of a new occupancy
advance for the same retirement-village unit.
Refundable accommodation deposits
Refundable accommodation deposits relate
to deposits held on behalf of residents who
reside in rooms in the care centres in Australia
and New Zealand. Refundable accommodation
deposits confer to residents the right of
occupancy of the room for life, or until the resident
terminates the agreement.
Amounts payable under refundable
accommodation deposits are non-interest bearing
and recorded as a liability in the balance sheet.
As the resident may terminate their occupancy
with limited notice, and the refundable
accommodation deposit is non-interest bearing,
the refundable accommodation deposit has
demand features and so is carried at face value,
which is the original deposit received.
The deposit is repayable following the termination
of the right-to-occupy.
RYMAN HEALTHCARE
96
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Trade and other payables
Trade and other payables are measured at
amortised cost. This is equivalent to the face (or
nominal) value of payables, which is assumed to
approximate their fair value.
Interest-bearing loans and borrowings
Bank loans and borrowings are initially recorded
at fair value, less directly attributable transaction
costs. After initial recognition, loans and
borrowings are measured at amortised cost. Any
differences between the initial amount recognised
and the redemption value is recognised in profit
and loss using the effective interest-rate method.
Fair-value estimation
The fair value of financial assets and financial
liabilities must be estimated for recognition and
measurement, or for disclosure purposes.
The face (or nominal) value less estimated credit
adjustments of trade receivables and payables is
assumed to approximate their fair values.
Hedge accounting
The Group designates certain derivatives as
hedging instruments. At the start of the hedge
relationship, the Group documents the relationship
between the hedging instrument and the
hedged item. Risk management objectives and
strategies for undertaking hedge transactions are
documented. The Group also documents at the
start and on an ongoing basis whether the hedging
instrument is effective.
Derivative financial instruments
The Group uses derivative financial instruments
to manage cash-flow interest-rate and foreign-
currency risk.
Interest-rate swaps and cross-currency interest-rate
swaps (CCIRS) are initially recognised at fair value on
the date a contract is entered into and remeasured to
their fair value at each reporting date.
When Group-swap arrangements meet the
requirements of cash-flow hedge accounting,
changes in the fair value of the swaps are
recognised in other comprehensive income and
accumulated as a separate component of equity.
Amounts deferred in equity are recycled in profit
or loss in the periods when the hedged item is
recognised in profit.
When Group-swap arrangements meet the
requirements of fair-value hedge accounting,
changes in the fair value of the swaps are taken
directly to the income statement for the year, to
offset the change in fair value of the hedged item
also recorded in the income statement.
Changes in the fair value of the cost to convert
foreign currency to New Zealand dollars (NZD)
of cross-currency interest-rate swaps are
separately accounted for as a cost of hedging
and recognised within a new reserve within equity
(cost of hedging reserve).
Hedges of a net investment
Hedges of a net investment in a foreign operation,
including a hedge of a monetary item that is
accounted for as part of the net investment,
are accounted for in two ways. Gains or losses
relating to the effective portion of the hedge are
recognised in other comprehensive income. Any
gains or losses relating to the ineffective portion of
the hedge are recognised in profit or loss.
l. Employee entitlements
A liability for benefits accruing to employees for
wages and salaries, annual leave, long-service
leave, and sick leave is accrued and recognised
in the balance sheet when it is probable that
settlement will be required, and the liabilities are
capable of being measured reliably. The liability is
equal to the present value of the estimated future
cash outflows as a result of employee services
provided at balance date.
ANNUAL REPORT 2021
97
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
m. Taxation
Income tax on the profit or loss for the year
comprises current and deferred tax. Income tax
is recognised in the income statement except
when it relates to items recognised in other
comprehensive income or directly in equity. In
this case, it is recognised in other comprehensive
income or in equity.
Current tax
Current tax is the expected tax payable on the
taxable income for the year, using tax rates enacted
or substantively enacted at the balance-sheet date,
and any adjustment to tax payable for previous
years. Current tax for current and prior periods
is recognised as a liability (or asset) if it is unpaid
(or refundable).
Deferred tax
Deferred tax is provided using the comprehensive
balance-sheet liability method. This method
provides for temporary differences between the
carrying amount of assets and liabilities for financial
reporting purposes and the amounts used for
taxation. Deferred tax is not provided for on
non-depreciating assets included within property,
plant and equipment, and investment properties.
The amount of deferred tax provided is based
on the way the carrying amount of assets and
liabilities is expected to be realised and settled.
The tax rates used are those expected to apply
in the period of settlement, based on tax rates
enacted or substantively enacted.
A deferred tax asset is recognised only when
it is probable that future taxable profits will be
available, and against which the asset can be used.
Deferred tax assets are reduced if it is no longer
probable that the related tax benefit will
be realised.
Deferred tax assets and liabilities are offset when
they relate to income taxes levied by the same
taxation authority and the Group intends to settle
current tax assets and liabilities on a net basis.
n. Treasury stock
Shares purchased on market under the leadership
share scheme are treated as treasury stock on
acquisition at cost. On vesting to the employee,
treasury stock shares are credited to equity and
an employee advance is recorded initially at fair
value and later at amortised cost.
Any loss on disposal by the Company (for
example, when the employee elects not to take
full responsibility for the loan or leaves before the
end of the 3-year restrictive period) accrues to the
Company and is taken directly against equity.
o. GST
Revenues, expenses, assets, and liabilities are
recognised net of the amount of Goods and
Services Tax (GST) except when:
• the GST incurred on a purchase of goods
and services is not recoverable from the
taxation authority
• receivables and payables are stated with the
amount of GST included.
The net amount of GST recoverable from,
or payable to, the taxation authority is included
as part of the receivables or payables in the
balance sheet.
Commitments and contingencies are disclosed
net of the amount of GST recoverable from, or
payable to, the taxation authority.
p. Statement of cash flows
The statement of cash flows is prepared exclusive
of GST. This is consistent with the method used in
the income statement.
Cash and cash equivalents comprise:
• cash on hand and demand deposits
• other short-term, highly liquid investments.
Short-term, highly liquid investments are
investments that are readily convertible to a
known amount of cash and are subject to an
insignificant risk of changes in value. These
investments include all call borrowing such as
bank overdrafts used by the Group as part of its
day-to-day cash management.
RYMAN HEALTHCARE
98
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Operating activities represent all transactions and
other events that are not investing or financing
activities and include receipts and repayments of
occupancy advances.
Investing activities are those activities relating
to the acquisition and disposal of investments
and any other property, plant and equipment, or
investment properties.
Financing activities are those activities relating to
changes in the equity and debt capital structure of
the Group and those activities relating to the cost
of servicing the Company’s equity capital.
q. Foreign-currency translation
Functional and presentation currency
Both the functional and presentation currency of
Ryman Healthcare Limited and its New Zealand
subsidiaries is New Zealand dollars ($). The
functional currency for its Australian subsidiaries
is Australian dollars (AUD).
Transactions and balances
Transactions in foreign currencies are initially
recorded in the functional currency by applying the
exchange rates ruling at the date of the transaction.
Monetary assets and liabilities denominated in
foreign currencies are retranslated at the rate of
exchange ruling at the balance-sheet date.
All exchange differences relating to the following
two items are recognised in other comprehensive
income and accumulated in reserves.
• The effective portion of a hedge of a net
investment in foreign operations
• Differences arising on translation of a foreign
operation.
Non-monetary items that are measured at
historical cost in a foreign currency are translated
using the exchange rate as at the date of the initial
transaction. Non-monetary items carried at fair
value that are denominated in foreign currencies
are retranslated at the rates at the date when the
fair value was determined.
ANNUAL REPORT 2021
99
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
1. OPERATING EXPENSES
20212020
$000
$000
Employee costs (see below)264,400233,549
Property-related expenses54,91146,951
Other operating costs (see below)75,99568,749
Total operating expenses395,306349,249
Employee costs and other operating costs include:
Post-employment benefits (KiwiSaver/Superannuation)8,8427, 2 5 9
Auditor’s remuneration to Deloitte Limited comprises:
• Audit of financial statements358293
• Australia aged-care reporting77
Directors’ fees (note 19)1,0941,011
Donations^433452
^ No donations have been made to any political party (2020: $Nil).
As part of the response to COVID-19, the New Zealand and Australian Governments provided wage subsidies
and other financial support over specific periods during the year to 31 March 2021. This support was available
to eligible businesses to allow those businesses to retain employees and to assist with covering some of the
additional employee costs incurred in protecting aged-care residents. The Group made claims under a number
of the available schemes in New Zealand and Australia.
The Group has applied NZ IAS 20 – Accounting for Government Grants and Disclosure of Government
Assistance in accounting for the funds received from the various COVID-19 subsidies and support packages. Any
funding received has been accounted for as government grants and offset against the expenses to which they
relate in the same period as they are incurred.
In New Zealand the Group made a claim under the COVID-19 Wage Subsidy scheme. The claim was made on a
subsidiary-by-subsidiary basis with not all subsidiaries meeting the eligibility criteria of the scheme. As a result
of the claim, the Group received a total subsidy of $14.2 million. Subsequently the directors made the decision
to repay the New Zealand COVID-19 Wage Subsidy and the full $14.2 million was returned to the New Zealand
Government. Both the receipt and repayment of the wage subsidy occurred in the year to 31 March 2021.
RYMAN HEALTHCARE
100
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
2. DEPRECIATION AND AMORTISATION EXPENSE
20212020
$000
$000
Depreciation (note 6)
• Buildings8,3537,6 8 3
• Plant and equipment10,5988,722
• Furniture and fittings4,3915,477
• Motor vehicles1,4131,338
• Right-of-use assets2 ,4761,787
27, 2 3 125,007
Amortisation (note 8)
• Software5,1373,609
5,1373,609
Total32,36828,616
3. FINANCE COSTS
20212020
$000
$000
Total interest paid on loans and borrowings (including related fees)50,81651,118
Release of cash-flow hedge reserve (note 16)5,3542,859
Release of cost of hedging reserve (note 16)--
Amount of interest capitalised (note 6)(37,179)(34,911)
Net interest expense on borrowings18,99119,066
Interest on lease liabilities (note 13)3 74243
Total finance costs19,36519,309
ANNUAL REPORT 2021
101
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
4. INCOME TAX
a. Income tax recognised in income statement
20212020
$000
$000
Tax expense comprises:
Current tax expense--
Deferred tax credit(12,561)(93,563)
Total income-tax credit(12,561)(93,563)
The income-tax expense on pre-tax accounting profit from operations reconciles to the income-tax expense
in the financial statements as follows.
2021202120202020
$000%$000
%
Profit before income-tax expense 410,500171,147
Income-tax expense calculated at 28%114,94028.0%47, 9 2 128.0%
Tax effect of:
Non-taxable income(116,717)(28.4)%(40,443)(23.7)%
Property temporary differences15,5023.8%(65,7 71)(38.4)%
Tax losses recognised(45,122)(11.0)%(49,967)(29.2)%
Other18,8364.6%14,6978.6%
Total tax credit(12,561)(3.0)%(93,563)(54.7)%
Non-taxable income arises principally from the fair-value movement of investment property.
The tax rate used in the above reconciliation is the corporate tax rate of 28 percent (2020: 28 percent)
payable by New Zealand corporate entities on taxable profits under New Zealand tax law. The corporate tax
rate in Australia is 30 percent (2020: 30 percent).
Total Group tax losses available in New Zealand amounted to $410.7 million (2020: $289.5 million).
Recognition of the deferred tax asset is based on expected taxable earnings in future periods. There are no
unrecognised tax losses in New Zealand (2020: $Nil).
Total tax losses available in Australia amounted to AUD$105.8 million (2020: AUD$71.3 million). Recognition of
the deferred tax asset is based on expected taxable earnings in future periods. There are no unrecognised tax
losses in Australia (2020: AUD$Nil).
RYMAN HEALTHCARE
102
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
4. INCOME TAX (CONTINUED)
b. Taxable and deductible temporary differences arise from the following items.
Opening
balance
Recognised
in income
Recognised
in equity
Closing
balance
$000$000$000
$000
2021
Property, plant and equipment(34,894)(8,292)(40)(43,226)
Investment properties(7,845)(7,210)(508)(15,563)
Deferred management-fee revenue in advance(49,623)(18,868)(401)(68,892)
Cash-flow hedge reserve6,667-(1,976)4,691
Cost of hedging reserve--(1,051)(1,051)
Other5,1321,809116,952
Tax value of loss carry-forwards recognised103,01845,1221,405149,545
Total deferred taxation22,45512,561(2,560)32,456
Opening
balance
Recognised
in income
Recognised
in equity
Closing
balance
$000$000$000
$000
2020
Property, plant and equipment
(58,574)23,64931(34,894)
Investment properties(50,377)42 ,122410(7,845)
Deferred management-fee revenue in advance(26,899)(23,042)318(49,623)
Cash-flow hedge reserve3,751-2,9166,667
Other4,275867(10)5,132
Tax value of loss carry-forwards recognised54,16049,967(1,109)103,018
Total deferred taxation(73,664)93,5632,55622,455
In 2010 legislation was enacted removing tax depreciation on buildings with an estimated useful life of
50 years or more. These rules came into effect from 1 April 2011 (for a standard 31 March income-tax year).
As part of the New Zealand Government’s COVID-19 Economic Response Package, included within
the COVID-19 Response (Taxation and Social Assistance Urgent Measures) Act, which received Royal
Assent on 25 March 2020, depreciation deductions were reintroduced for new and existing industrial and
commercial buildings.
The reinstatement of tax deductions for depreciation increases the tax base of the relevant assets. The Group
has determined that tax depreciation should not be applied to independent townhouses and apartments as
these would meet the definition of a dwelling. Care centres, village centres and serviced apartments are not
considered to meet the definition of a dwelling.
This increase in the tax base created deductible temporary differences which reduced the taxable temporary
differences (deferred tax liabilities) previously recognised.
The impact of these changes was recognised in the tax expense in the 2020 financial year.
ANNUAL REPORT 2021
103
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
4. INCOME TAX (CONTINUED)
c. Imputation credit memorandum account
20212020
$000
$000
Closing balance94163
Imputation credits available directly and indirectly
to shareholders of the parent company, through:
• parent company--
• subsidiaries94163
Closing balance94163
5. TRADE AND OTHER RECEIVABLES
20212020
$000
$000
Trade debtors 498,695410,103
Other receivables44,10315,839
Total trade and other receivables542,798425,942
Debtors are non-interest bearing, although the Group has the right to charge interest on overdue settlements of
occupancy advances or overdue care fees. Debtors principally comprise amounts due for occupancy advances
and care fees.
Occupancy advances are payable by residents on occupation of a retirement-village unit. The receivable for the
occupancy advance is recognised when a legally binding contract with the resident is in place. At the same time as
recognising the occupancy advance receivable the Group recognises the corresponding occupancy advance liability.
Care fees are received from residents (payable 4-weekly in advance) and various government agencies.
Government-agency payment terms vary but are typically paid fortnightly in arrears for care services provided
to residents.
There is no significant concentration of credit risk as trade debtors are either individual residents or government
agencies. No changes have been made in the techniques or significant assumptions used in determining expected
credit losses during the reporting period.
The Group has considered the impact of COVID-19 on trade and other receivables and, given the nature of the
receivables, does not consider there to be any change in credit risk as a result of the pandemic.
RYMAN HEALTHCARE
104
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
6. PROPERTY, PLANT AND EQUIPMENT
Freehold
land at
valuation
Buildings
at
valuation
Property
under
development
at cost
Plant and
equipment
at cost
Furniture
and fittings
at cost
Motor
vehicles
at cost
Right-of-
use
assetsTotal
$000$000$000$000$000$000$000$000
2021
Gross carrying amount
Balance at 1 April 2020328,972391,336584,810100,85252,03813,84920,6011,492,458
Additions1497,906117,09122,9611,2321,0587,4 1 1157,808
Net foreign-currency
exchange difference2 ,6112,27516,7051901464727222,246
Transfer from property
under development12,73431,118(49,359)2,5782,929---
Transfer from property
under development to
investment property--(31,429)----(31,429)
Disposals--(38,072)----(38,072)
Revaluation195,793(17,058)-----178,735
Balance at 31 March 2021540,259415,577599,746126,58156,34514,95428,2841,7 8 1,74 6
Accumulated depreciation
Balance at 1 April 2020-(9,784)-(39,482)(43,235)(8,301)(5,584)(106,386)
Depreciation-(8,353)-(10,598)(4,391)(1,413)(2 ,476)(27, 2 3 1 )
Depreciation capitalised
to property under
development------(6,604)(6,604)
Revaluation-17,058-----17,058
Balance at 31 March 2021-(1,079)-(50,080)(47,6 2 6 )(9,7 1 4 )(14,664)(123,163)
Total book value540,259414,498599,74676,5018,7195,24013,6201,658,583
ANNUAL REPORT 2021
105
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Freehold
land at
valuation
Buildings
at
valuation
Property
under
development
at cost
Plant and
equipment
at cost
Furniture
and fittings
at cost
Motor
vehicles
at cost
Right-of-
use
assetsTotal
$000$000$000$000$000$000$000$000
2020
Gross carrying amount
Balance at 1 April 2019321,798359,482444,28482,15047,30511,503-1,266,522
Recognition of right-of-use
asset on initial application
of NZ IFRS 16------13,38113,381
Adjusted balance at
1 April 2020321,798359,482444,28482,15047,30511,50313,3811,279,903
Additions806,483289,74917,5881,9512,3517,3 2 3325,525
Net foreign-currency
exchange difference(584)(182)(3,475)(18)9(5)(103)(4,358)
Transfer from property
under development7,67825,553(3 7,1 3 6 )1,1322 ,7 73---
Transfer from property
under development to
investment property--(108,612)----(108,612)
Balance at 31 March 2020328,972391,336584,810100,85252,03813,84920,6011,492,458
Accumulated depreciation
Balance at 1 April 2019-(2,101)-(30,760)(37,758)(6,963)-(77,582)
Depreciation-(7,683)-(8,722)(5,477)(1,338)
(1,787)(25,007)
Depreciation capitalised
to property under
development------(3,797)(3,797)
Balance at 31 March 2020-(9,784)-(39,482)(43,235)(8,301)(5,584)(106,386)
Total book value328,972381,552584,81061,3708,8035,54815,0171,386,072
All completed resthomes and hospitals included within the definition of freehold land and buildings were
revalued to fair value based on an independent valuation report prepared by registered valuers, CBRE Limited,
at 31 March 2021, in line with NZ IFRS 13 – Fair Value Measurement. These revaluations are undertaken every
2 years, unless there is sustained market evidence of a significant change in fair value.
The valuers used multiple valuation techniques to estimate and determine fair value. The valuer made key
assumptions that include capitalisation of earnings (using capitalisation rates ranging from 11.0 percent to
15.0 percent), together with observed transactional evidence of the market value per care bed (ranging from
$70,000 to $230,000 per care bed).
As the fair value of land and buildings is determined using inputs that are unobservable, the Group
has categorised property, plant and equipment as Level 3 under the fair-value hierarchy in line with
NZ IFRS 13 – Fair Value Measurement.
RYMAN HEALTHCARE
106
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
The significant unobservable inputs used in the fair-value measurement of the Group’s freehold land and buildings
are the capitalisation rate and the market value per care bed.
As the valuer uses several valuation techniques, a significant decrease in the capitalisation rate could but may
not necessarily result in a significantly higher fair-value measurement. Conversely, a significant increase in the
capitalisation rate could but may not necessarily result in a significantly lower fair-value measurement.
A significant increase in the market value per care bed could but may not necessarily result in a significantly higher
fair-value measurement. Conversely, a significant decrease in the market value per care bed could but may not
necessarily result in a significantly lower fair-value measurement.
Property under development includes land held pending the development of a retirement village amounting to
$343.4 million (2020: $459.1 million) and is valued at cost.
Interest for the Group of $37.2 million (2020: $34.9 million) has been capitalised during the period of construction
in the current year. The weighted-average capitalisation rate on funds borrowed is 2.72 percent per annum
(2020: 3.51 percent per annum).
The assets shown at cost are care-facility assets under development, plant and equipment, furniture and fittings,
and motor vehicles, plus additions since the last valuation.
The carrying amount at which each revalued class of property, plant and equipment would have been carried had
the assets been measured under historical cost is shown below.
Freehold landBuildingsTotal
$000$000
$000
Carrying amount (at cost)
Carrying amount at 31 March 2021103,730414,268517,998
Carrying amount (at cost)
Carrying amount at 31 March 202088,236372,969461,205
Uncertainty due to COVID-19
The valuation of completed resthomes and hospitals performed by CBRE Limited at 31 March 2021 is based on
the information available to them at the time of the valuation and relies on several inputs.
Given the current situation with COVID-19 there is an increase in the estimation uncertainty in determining the fair
value of completed resthomes and hospitals at 31 March 2021 compared to previous valuations.
CBRE comment that the ultimate economic impact COVID-19 will have on the aged-care sector is unknown and
will depend on both the scale and longevity of the pandemic, future outbreaks, and the lockdown responses of the
Governments in New Zealand, Victoria and Australia.
Given the heightened uncertainty and unknown impact that COVID-19 may have in the future, a higher degree of
caution should be exercised when relying upon the valuation. Values and incomes may change more rapidly and
significantly than during standard market conditions.
Occupancy in the Group’s mature aged-care facilities has not been impacted by COVID-19.
ANNUAL REPORT 2021
107
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Right-of-use assets
Included within property, plant and equipment are the right-of-use assets relating to leases.
Buildings
Plant and
equipmentTotal
$000$000
$000
Balance at 1 April 2020
11,8543,16315,017
Additions1,1846,2277,4 1 1
Net foreign-currency exchange difference272-272
Depreciation(2 ,476)-(2 ,476)
Depreciation capitalised to property under development(313)(6,291)(6,604)
Balance at 31 March 202110,5213,09913,620
Disposal of land
During the year, the Group sold the land in Coburg, Melbourne. The sale led to a loss on disposal of $15.1 million,
which has been recognised in the income statement.
7. INVESTMENT PROPERTIES
20212020
$000
$000
At fair value
Balance at beginning of financial year5,760,0605,081,607
Additions624,926541,272
Fair-value movement:
Realised fair-value movement:
• new retirement-village units108,377105,757
• existing retirement-village units107,317109,565
215,694215,322
Unrealised fair-value movement201,153(70,884)
416,847144,438
Net foreign-currency exchange differences35,445(7,257)
Net movement for the year1 ,07 7, 2 1 8678,453
Balance at end of financial year6 , 8 3 7, 2 7 85,760,060
RYMAN HEALTHCARE
108
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
7. INVESTMENT PROPERTIES (CONTINUED)
The realised fair-value movement arises from the sale and resale of rights to occupy to residents. Investment
properties are not depreciated and are fair valued. As the fair value of investment property is determined using
inputs that are unobservable, the Group has categorised investment property as Level 3 under the fair-value
hierarchy in line with NZ IFRS 13 – Fair Value Measurements.
The carrying value of completed investment property is the fair value as determined by an independent valuation
report prepared by registered valuers CBRE Limited, at 31 March 2021. This report combines discounted future
cash flows and occupancy advances received from residents for retirement-village units that are complete or
nearing completion, for which there is an agreement to occupy.
Uncertainty due to COVID-19
The valuation of investment properties performed by CBRE Limited at 31 March 2021 is based on the information
available to them at the time of the valuation and relies on several inputs, as outlined below.
Given the current situation with COVID-19 there is an increase in the estimation uncertainty in determining the fair
value of investment property at 31 March 2021 compared to previous years.
The material valuation uncertainty within the New Zealand and Australian valuations at 31 March 2020 has
been removed. This has been replaced with CBRE commenting on higher than normal market uncertainty
within their valuations.
Given the heightened uncertainty and unknown impact that COVID-19 may have in the future, a higher degree of
caution should be exercised when relying upon the valuation. Values and incomes may change more rapidly and
significantly than during standard market conditions.
Comparable transactions and market evidence has been limited during the pandemic and CBRE have placed less
reliance on previous market evidence for comparison purposes.
To reflect this uncertainty CBRE Limited adjusted their assumptions on recycle frequencies for independent units
at mature villages, near-term house price inflation for independent units, and discount rates in their valuation at
31 March 2020. As the level of uncertainty has decreased and markets have become more accustomed to
operating under COVID-19 conditions, CBRE have reversed some of the adjustments in determining the valuation
at 31 March 2021.
Key assumptions
The valuer used significant assumptions that include house-price inflation (ranging from 0.5 percent to
4.2 percent nominal) (2020: -2.0 percent to 3.5 percent) and discount rate (ranging from 12.00 percent
to 16.50 percent) (2020: 12.25 percent to 16.25 percent).
Sensitivity
A 0.5 percent decrease in the discount rate would result in a $91.3 million higher fair-value measurement.
Conversely, a 0.5 percent increase in the discount rate would result in a $85.3 million lower fair-value measurement.
A 0.5 percent decrease in the 5-year plus growth rate would result in a $168.7 million lower fair-value
measurement. Conversely, a 0.5 percent increase in the 5-year plus growth rate would result in a $140.8 million
higher fair-value measurement.
Other inputs used in the fair-value measurement of the Group’s investment property portfolio include the average
age of residents and the occupancy period.
ANNUAL REPORT 2021
109
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
7. INVESTMENT PROPERTIES (CONTINUED)
A significant increase in the average age of entry of residents or the long-term nominal house-price inflation rate
would result in a significantly higher fair-value measurement. Conversely, a significant decrease in the average
age of entry of residents or the long-term nominal house-price inflation rate would result in a significantly lower
fair-value measurement.
Work in progress
Investment property includes investment property work in progress of $653.0 million (2020: $508.2 million),
which has been valued at cost. For work in progress cost represents fair value.
Operating expenses
Direct operating expenses arising from investment property that generated income from management fees
during the period amounted to $7.9 million (2020: $5.7 million). All investment property generated income from
management fees during the period for the Group, except for investment property work in progress.
Security
Residents make interest-free advances (occupancy advances) to the retirement villages in exchange for the right
to occupy retirement-village units. Under the terms of the occupancy agreement, the resident receives a unit title
for life and a first mortgage over the residual interest for security purposes, or a first mortgage is held over the
individual title by the statutory supervisor.
8. INTANGIBLE ASSETS
Internally
generated
softwareTotal
$000
$000
2021
Gross carrying amount
Balance at 1 April 202045,85645,856
Additions9,4629,462
Balance at 31 March 202155,31855,318
Accumulated amortisation
Balance at 1 April 2020(7,737)(7,737)
Amortisation (note 2)(5,137)(5,137)
Balance at 31 March 2021(12,874)(12,874)
Total book value42,44442,444
RYMAN HEALTHCARE
110
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
8. INTANGIBLE ASSETS (CONTINUED)
Internally
generated
softwareTotal
$000
$000
2020
Gross carrying amount
Balance at 1 April 201932,09632,096
Additions13,76013,760
Balance at 31 March 202045,85645,856
Accumulated amortisation
Balance at 1 April 2019(4,128)(4,128)
Amortisation (note 2)(3,609)(3,609)
Balance at 31 March 2020(7,737)(7,737)
Total book value38,11938,119
Interest for the Group of $0.8 million (2020: $0.4 million) has been capitalised during the current year.
The weighted-average capitalisation rate on funds borrowed is 2.72 percent per annum (2020: 3.51 percent
per annum).
9. CASH AND CASH EQUIVALENTS
The Group has an arrangement with ANZ that on a nightly basis a sweep is performed across all transactional
bank accounts. This consolidates all transactional bank accounts into a single account.
There is a right to offset cash balances against bank debt documented in the Group’s facility agreement.
The Group has access to an overdraft facility. The bank overdraft facilities are secured by a general security
agreement and mortgages over the freehold land and buildings of the Group in the same manner as the bank
loans (note 12). The interest rate on all overdraft facilities at 31 March 2021 was 8.90 percent (2020: 8.90 percent).
10. TRADE AND OTHER PAYABLES
20212020
$000
$000
Trade payables72,36679,7 75
Other payables33,706104,200
Total trade and other payables106,072183,975
Trade payables are typically paid within 30 days of the invoice date or on the 20th of the month following the
invoice date. Other payables at 31 March 2021 includes $26.0 million (2020: $102.4 million) for the purchase
of land.
ANNUAL REPORT 2021
111
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
11. EMPLOYEE ENTITLEMENTS
20212020
$000
$000
Holiday-pay accrual and other benefits32,03425,678
12. INTEREST-BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings include secure bank loans, unsubordinated fixed-rate retail bonds and
USPP notes.
20212020
$000$000
Bank loans12a1,728,0181,741,613
Retail bonds – RYM01012b150,000-
USPP notes12c428,736-
Total loans and borrowings at face value2,306,7541,741,613
Issue costs for the retail bond capitalised12b(3,139)-
Issue costs for the USPP capitalised12c(2,049)-
Total loans and borrowings at amortised cost2,301,5661,741,613
Revaluation of debt in fair-value hedge relationship12c(27,473 )-
Total loans and borrowings2,274,0931,741,613
a. Bank loans (secured)
20212020
$000
$000
Bank loans (secured) – NZD1,162,0001,354,000
Bank loans (secured) – AUD in NZD566,0183 87,6 1 3
Total bank loans (secured) 1,728,0181,741,613
Less cash and cash equivalents (note 9)(20,171)(34,374)
Net bank loans1,707,8471 ,7 0 7, 2 3 9
Less than 1 year25,000-
Within 1–5 years1,703,0181,741,613
Total bank loans (secured)1,728,0181,741,613
Average interest rates for bank loans – NZD2 .71%3.11%
Average interest rates for bank loans – AUD1.86%2 .7 7%
The average interest rates disclosed above exclude the impact of interest-rate swap agreements described in
note 20.
RYMAN HEALTHCARE
112
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
12. INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)
b. Retail bonds (secured)
20212020
$000
$000
Retail bond – RYM010150,000-
Total retail bonds at face value 150,000-
Issue costs for the retail bond capitalised
Opening balance--
Capitalised during the year(3,297)-
Amortised during the year158-
(3 ,1 3 9 )-
Total retail bonds at amortised cost146,861-
The Group issued a retail bond for $150.0 million in December 2020. The retail bond has a maturity date of
18 December 2026 and is listed on the NZX Debt Market (NZDX) with the ID RYM010.
The coupon rate for the retail bond is 2.55 percent.
Retail bond issue expenses, fees and other costs incurred in arranging retail bond finance are capitalised and
amortised over the term of the relevant debt instrument.
c. USPP notes
20212020
$000
$000
USPP notes428,736-
Total USPP notes at face value 428,736-
Issue costs for the USPP notes capitalised
Opening balance--
Capitalised during the year(2,070)-
Amortised during the year21-
(2,049)-
Total USPP notes at amortised cost426,687-
Revaluation of debt in fair-value hedge relationship(27,473 )-
Total USPP notes399,214-
ANNUAL REPORT 2021
113
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
12. INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)
On 17 February 2021 the Group completed a United States Private Placement (USPP) note issuance, securing
USD$300 million of long-term debt. The USPP issuance is made up of six tranches with varying maturity dates
and amounts as listed below. In conjunction with the USPP issuance, the Group entered into cross-currency
interest-rate swaps to formally hedge the exposure to foreign-currency risk over the term of the notes.
At 31 March 2021, the USPP notes had a fair value of $399.2 million. This debt is carried at amortised cost and
translated to New Zealand dollars using foreign exchange rates at balance date.
USPP note expenses, fees and other costs incurred in arranging USPP finance are capitalised and amortised over
the term of the relevant debt instrument.
Security
The bank loans, retail bonds and USPP notes are secured by a general security agreement over the parent
and subsidiary companies and supported by first mortgages over the freehold land and buildings (excluding
retirement-village unit titles provided as security to residents – note 7).
The subsidiary companies listed at note 24 have all provided guarantees for the Group’s secured loans as parties
to the general security agreement.
Full repayment terms are disclosed in note 20.
13. LEASE LIABILITIES
The Group leases office buildings, sales offices, office equipment (such as photocopiers), and plant and
equipment used in the construction of retirement-village units and aged-care beds.
The right-of-use assets relating to these leases are included within property, plant and equipment (note 6).
Amounts recognised in profit and loss
20212020
$000
$000
Depreciation of right-of-use assets (note 6)2 ,4761,787
Interest expense on lease liabilities (note 3)3 74243
Expenses relating to short-term or low-value leases1,212985
The maturity profile for lease liabilities and how the Group manages liquidity risk is included in note 20 –
financial instruments.
At 31 March 2021 the Group is committed to $5.7 million for short-term leases (including short-term construction
equipment leases) (2020: $7.2 million).
RYMAN HEALTHCARE
114
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
14. OCCUPANCY ADVANCES (NON-INTEREST BEARING)
20212020
$000
$000
Gross occupancy advances (see below)4,205,1053,686,813
Less management fees and resident loans(502,890)(439,636)
Closing balance3,702,2153,247,177
Movement in gross occupancy advances
20212020
$000
$000
Opening balance3,686,8133,203,851
Plus net increases in occupancy advances:
• new retirement-village units395,094386,673
• existing retirement-village units. 107,317109,566
Net foreign-currency exchange differences21,807(4, 276)
Decrease in occupancy advance receivables(5,926)(9,001)
Closing balance4,205,1053,686,813
Gross occupancy advances are non-interest bearing.
The decrease in occupancy advance receivables shows the net movement in occupancy advance that has
resulted from:
• units that have been re-sold but the previous resident has yet to be repaid; and
• units that have been repaid but the unit remains unsold at balance date.
ANNUAL REPORT 2021
115
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
15. SHARE CAPITAL
Issued and paid-up capital consists of 500,000,000 fully paid ordinary shares (2020: 500,000,000) less treasury
stock of 2,655,017 shares (2020: 2,711,244 shares) (note 26). All shares rank equally in all respects.
Basic and diluted earnings and net tangible assets per share have been calculated on the basis of 500,000,000
ordinary shares (2020: 500,000,000 shares).
Shares purchased on market under the leadership share scheme (note 26) are treated as treasury stock (note 16)
until vesting to the employee.
16. RESERVES
20212020
$000$000
Reserves
Asset revaluation reserve16a453,5682 57,7 75
Cash-flow hedge reserve16b(12,062)( 1 7,1 4 3 )
Cost of hedging reserve16c2 ,702-
Foreign-currency translation reserve16d1,787(10,345)
Treasury stock16e, 26(35,389)(32,359)
410,606
197,928
RYMAN HEALTHCARE
116
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
16. RESERVES (CONTINUED)
20212020
$000$000
a. Asset revaluation reserve
Opening balance2 57,7 752 57,7 75
Revaluation195,793-
Closing balance453,5682 5 7,7 7 5
b. Cash-flow hedge reserve
Opening balance( 1 7,1 4 3 )(9,643)
Valuation of interest-rate swap1,116(13,275)
Valuation of cross-currency interest-rate swap587-
Released to income statement5,3542,859
Deferred tax movement on cash-flow hedge reserve(1,976)2,916
Closing balance(12,062)(1 7,1 4 3 )
c. Cost of hedging reserve
Opening balance--
Valuation of cross-currency interest-rate swap3,753-
Released to income statement--
Deferred tax movement on cost of hedging reserve(1,051)-
Closing balance2 ,70 2-
d. Foreign-currency translation reserve
Opening balance(10,345)(5,876)
(Loss)/Gain on hedge of foreign-owned subsidiary net assets(4,414)1,205
Gain/(Loss) on translation of foreign operations16,546( 5,6 74 )
Closing balance1,7 87(10,345)
e. Treasury stock (note 26)
Opening balance(32,359)(27,4 6 5 )
Acquisitions(13,425)(13,7 70)
Vesting /forfeiture of shares10,3958,876
Closing balance(35,389)(32,359)
f. Retained earnings
Opening balance2,069,7591,922,049
Net profit attributable to shareholders423,061264,710
Dividends paid(107,500)(117,000)
Closing balance2,385,3202,069,759
The cost of hedging reserve captures changes in the fair value of the cost to convert foreign currency to NZD
of the cross-currency interest-rate swaps on USPP debt.
ANNUAL REPORT 2021
117
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
17. DIVIDENDS
2021202120202020
Cents per shareTotal $000Cents per share
Total $000
Recognised amounts
Final dividend paid – prior year12 .7063,50011.9059,500
Interim dividend paid – current year8.8044,00011.5057,500
107,500117,000
Unrecognised amounts
Final dividend – current year13.6068,00012 .7063,500
Full-year dividend – current year22 .40112,00024.20121,000
18. RELATED-PARTY TRANSACTIONS
Parent company
The parent entity in the Group is Ryman Healthcare Limited.
Equity interests in related parties
Details of the percentage of ordinary shares held in subsidiaries are disclosed in note 24.
20212020
$000
$000
Transactions with companies associated with directors
Rental costs1,654514
Sub-contractor labour690254
Since August 2012 Ryman Healthcare Limited has leased office accommodation from the Airport Business Park
Christchurch Limited (the Airport Business Park).
On 1 December 2019 Warren Bell became an independent director or trustee of the Airport Business Park’s
shareholders. He does not have any personal ownership interest.
The lease of the office accommodation is recognised as a right-of-use asset and associated lease liability. Rental
costs detailed in the table above are the total cash payments made in the current financial year in respect of the
lease agreement (2020: payments made from 1 December 2019).
Anthony Leighs is Managing Director of Leighs Construction Limited, which has supplied sub-contractor labour to
Ryman Healthcare Limited since December 2019.
Any transactions undertaken with these entities have been entered into on an arm’s-length basis and in the
ordinary course of business.
RYMAN HEALTHCARE
118
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
19. KEY MANAGEMENT PERSONNEL COMPENSATION
20212020
$000
$000
Compensation
Short-term employee benefits (senior executive team)3,9714,633
Directors’ fees1,0941,011
Total key management personnel and directors’ compensation5,0655,644
Key management personnel are the senior executive team of the Group and include the group chief executive and
six senior executive team members at 31 March 2021 (2020: group chief executive and six senior executive team
members).
In addition, NZ IAS 24 – Related Party Disclosures requires directors’ fees to be included within key management
personnel compensation. All directors are non-executive and are not involved in the day-to-day operations of the
Group (2020: all directors).
Directors’ fees relate to the fees paid to eight directors that were in place for the full financial year (2020: eight directors,
of which one was in place for part of the financial year).
Post-employment benefits (KiwiSaver/Superannuation) employer contributions included in short-term employee
benefits (senior executive team) above is $111,769 (2020: $128,983 senior executive team).
In addition, the Company provides certain senior employees with limited recourse loans on an interest-free basis
to support employees’ participation in the leadership share scheme (note 26).
20. FINANCIAL INSTRUMENTS
The financial instruments consist of cash and cash equivalents, trade and other receivables, cross-currency
interest-rate swaps, trade and other payables, occupancy advances, refundable accommodation deposits,
employee advances, loans, overdrafts, interest-rate swaps, and lease liabilities.
Categories of financial instruments
20212020
$000
$000
Financial assets
Cash and cash equivalents (note 9)20,17134,374
Financial assets at amortised cost (loans and receivables)553,939436,166
574,110470,540
Financial liabilities
Amortised cost6,196,0465,247,336
Derivative instruments in designated hedge accounting
relationships (interest-rate swaps)17,33923,809
Derivative instruments in designated hedge accounting
relationships (cross-currency interest-rate swaps (CCIRS))11,272-
Lease liabilities13,88515,145
6,238,5425,286,290
ANNUAL REPORT 2021
119
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
20. FINANCIAL INSTRUMENTS (CONTINUED)
a. Credit risk management
Credit risk is the risk of the failure of a debtor or counterparty to honour its contractual obligation resulting in
financial loss to the Group.
Financial assets, which potentially subject the Group to credit risk, consist principally of cash and cash
equivalents, trade and other receivables, advances to employees, and derivative financial instruments.
The maximum credit risk at 31 March 2021 is the fair value of these assets. The Group’s cash equivalents are
placed with high-credit, quality financial institutions. The Group does not require collateral from its debtors.
The directors consider the Group’s exposure to any concentration of credit risk from trade and other
receivables and advances to employees to be minimal, given that (typically):
• the occupation of a retirement-village unit does not take place until an occupation
advance has been received
• care fees are payable 4-weekly in advance when due from residents
• care fees not due from residents are paid by government agencies
• advances to employees are subject to the terms of the employee share schemes (note 26).
The total credit risk to the Group from trade and other receivables and advances to employees at
31 March 2021 was $553.9 million (2020: $436.2 million) and there were no material overdue debtors at
31 March 2021 (2020: $Nil). The composition of financial assets is shown in the table below.
20212020
$000
$000
Trade and other receivables (note 5)542,798425,942
Advances to employees (note 26)11,14110,224
553,939436,166
Credit risk relating to derivative financial instruments is managed by restricting the amount of cash
and marketable securities that can be placed with any one institution. The Group minimises its credit
risk by spreading such exposures across a range of institutions with reference to the credit ratings of
these institutions.
b. Interest-rate risk
Interest-rate risk is the risk that fluctuations in interest rates impact the Group’s financial performance, future
cash flows or the fair value of its financial instruments.
The Group’s interest-rate risk arises from loans and borrowings. Loans and borrowings issued at variable
interest rates expose the Group to changes in interest rates. Loans and borrowings issued at fixed rates
expose the Group to changes in the fair value of the borrowings.
The Group’s policy is to manage its interest-rate exposure using a mix of fixed and variable rate debt and
interest-rate derivatives that are accounted for as cash-flow hedges or fair-value hedges.
The interest rate applicable to the bank overdraft is variable. The interest rates applicable to the bank loans
are reviewed at each 3-monthly rollover. The Group always seeks to obtain the most competitive interest rate.
RYMAN HEALTHCARE
120
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
20. FINANCIAL INSTRUMENTS (CONTINUED)
Cash-flow hedges
Interest-rate swaps
The Group has entered into an interest-rate swap agreement to provide an effective cash-flow hedge against
floating interest-rate variability on a defined portion of core debt.
These interest-rate swaps qualify for cash-flow hedge accounting. Interest-rate swaps are initially
recognised at fair value on the date a contract is entered into and remeasured to their fair value at each
reporting date. The effective portion of the change in the fair value of the swaps is recognised in other
comprehensive income and accumulated as a separate component of equity. The ineffective portion is
recognised in the income statement.
The hedge ratio is 1:1. The face value of the interest-rate swaps is the same value as the face value of the bank
loans. As the critical terms of the interest-rate swap contracts and the hedged item are the same, significant
hedge ineffectiveness is not expected.
At 31 March 2021, the Group had several interest-rate swaps in place, which are set out in the table below.
The agreement effectively changes the Group’s interest-rate exposure on the principal of up to $250 million
(2020: $250 million) from a floating rate to an average fixed rate of 2.757 percent (2020: 2.930 percent).
The fair value of the swaps at 31 March 2021 was a liability of $17.3 million (2020: liability of $23.8 million).
The interest-rate swaps cover notional debt amounts for a term of up to 5 years at a composite interest
rate of 2.757 percent (2020: 2.930 percent).
No interest-rate swaps have been taken out for the Australian dollar borrowings.
The balance of the interest-rate swap reserve is expected to be released to the income statement over the
maturity profile of the underlying debt as detailed in the table below. At the end of the reporting period, the fair
value of interest-rate swaps is determined by discounting the future cash flows using the yield curves at the
end of the reporting period and the credit risk inherent in the contract.
The notional amortising principal amounts and remaining terms of interest-rate swap contracts outstanding at
31 March are shown below.
Average contracted fixed-interest rateNotional principal amount
2021202020212020
%%$000
$000
Outstanding
Less than 1 year2 .757%2.930%250,000180,000
1 to 2 years2 .757%2.930%250,000250,000
2 to 3 years2 .757%2.930%200,000250,000
3 to 4 years2 .757%2.930%150,000200,000
4 to 5 years2 .757%2.930%150,000150,000
ANNUAL REPORT 2021
121
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
20. FINANCIAL INSTRUMENTS (CONTINUED)
Cross-currency interest-rate swaps
The Group manages its interest-rate risk on USPP notes through cross-currency interest-rate swaps (CCIRS).
The cross-currency interest rate swaps transform a series of known fixed interest-rate cash flows in a foreign
currency to floating rate NZD cash flows, mitigating exposure to fair-value changes in USPP notes.
For hedge accounting purposes, these swaps are aggregated and designated as cash-flow hedges and a
fair-value hedge. The fair-value component hedges USD fixed interest rates to NZD floating interest rates.
The USD amount received in AUD is not hedged.
The hedge ratio is 1:1. The face value of the CCIRS is the same value as the face value of the USPP notes. As
the critical terms of the CCIRS contracts and the hedged item are the same, significant hedge ineffectiveness
is not expected.
The change in the fair value of the hedged risk is attributed to the carrying value of the USPP. This debt revaluation
is recognised in the income statement to offset the mark-to-market revaluation of the hedging derivative.
The cross-currency basis element of the cross-currency interest-rate swaps are excluded from the designation
and are separately recognised in other comprehensive income in a cost of hedging reserve (note 16).
The cash-flow components are hedge accounted as described under Cash-flow hedges above.
At inception, each hedge relationship is formalised in hedge documentation. Hedge accounting is discontinued
when the hedge instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting.
The Group uses Bancorp Treasury Services Limited (BTSL), as an independent valuer, to determine the
existence of an economic relationship between the hedging instrument and the hedged item based on the
currency, amount and timing of respective cash flows, interest rates, tenors, repricing dates, maturities and
notional amounts. BTSL then assesses whether the derivative designated in each hedging relationship is
expected to be, and has been, effective in offsetting the changes in cash flows of the hedged item.
The fair value of the USPP notes have been determined at balance date on a discounted cash-flow basis using
the USD Bloomberg curve and applying discount factors to the future USD interest payment and principal
cash flows. The fair value of the associated CCIRS has been calculated using the discounted cash-flow
method, estimated using forward interest and foreign exchange rates (from observable yield curves and
forward exchange rates).
The details of the hedging instruments are as follows.
Currency
Average
rateMaturity
Notional
amount of
hedging
instrument
Carrying
amount of
the hedging
instrument
Change in
value used for
calculating hedge
effectiveness
(years) $000 $000
2021
Fair-value and cash-flow
hedges
Cross-currency swapsUSD
USD:NZDFloating10–15$275 million11,27211,272
11,27211,272
RYMAN HEALTHCARE
122
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
20. FINANCIAL INSTRUMENTS (CONTINUED)
AmountCurrencyMaturityNote coupon
2021
Fair value
USD$000%
$000
Swap participants
Bank of New Zealand55,000USD:NZD18/02/20314.06%932
MUFG45,000USD:NZD18/02/20314.06%2,001
Bank of New Zealand60,000USD:NZD16/02/20334.16%2 ,152
ANZ Bank New Zealand Ltd40,000USD:NZD16/02/20334.16%1,877
ANZ Bank New Zealand Ltd75,000USD:NZD16/02/20364.26%4,310
275,00011,272
Unhedged notes
1
25,000USD:AUD16/02/20314.28%
300,000
1 AUD equivalent of USD$25 million was received as part of the USPP issuance. This is currently not hedged.
There is no material hedge ineffectiveness. The maturity of the USPP notes and associated CCIRS are
matched.
Sensitivity of the cross-currency interest-rate swaps to a change in interest rate
The following table demonstrates the sensitivity to a change in floating interest rates of plus/(minus) 50 basis
points, with all other variables held constant, of the Company’s profit and equity.
2021
$000
Increase in interest rates of 50 basis points
Effect on profit after taxation-
Effect on equity after taxation(15,077)
Decrease in interest rates of 50 basis points
Effect on profit after taxation-
Effect on equity after taxation16,194
Based on the Group’s average net level of interest-bearing debt, the Group’s profit and total comprehensive
income for the year ended 31 March 2020 would not have changed materially if there was a movement of
plus/(minus) 50 basis points.
ANNUAL REPORT 2021
123
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
20. FINANCIAL INSTRUMENTS (CONTINUED)
c. Foreign-currency risk
Foreign-currency risk is the risk that the value of the Group’s assets, liabilities, and financial performance will
fluctuate due to changes in foreign-currency rates.
The Group is exposed to currency risk in Australian (AUD) and US dollars (USD).
Exposure to the Australian dollar arises primarily as a result of its subsidiaries in Australia as well as the USPP
borrowings received in AUD.
The risk to the Group is that the value of the overseas Australian subsidiaries’ financial position and financial
performance will fluctuate in economic terms and, as recorded in the consolidated accounts, due to changes
in the overseas exchange rates.
The Group hedges the currency risk relating to its Australian subsidiaries by holding a portion of its
borrowings (both bank debt and USPP notes) in Australian dollars. Any foreign-currency movement in the net
assets of the Australian subsidiary is partially offset by an opposite movement in the Australian dollar debt.
Exposure to the US dollar arises from USPP borrowings. This exposure has been fully hedged by way of
cross-currency interest-rate swaps hedging both principal and interest.
The cross-currency interest-rate swaps correspond in amount and maturity to the relevant US dollar
borrowings with no residual foreign-currency risk exposure.
The cross-currency interest rate swaps consist of a fair-value hedge component and a cash-flow hedge
component. The effective movements on the fair-value hedge component are taken to the income statements
along with all movements of the hedged risk on the USPP notes (USD only). The effective movements of the
cash-flow hedge components are all taken to the cash-flow hedge reserve.
The following sensitivity analysis is based on the foreign-currency risk exposures in existence at the reporting
date. At 31 March 2021, had the New Zealand dollar moved either up or down by 10 percent, with all other
variables held constant, profit and equity would have been affected as follows.
2021
$000
Increase in value of NZ dollar of 10%
Impact on profit after taxation-
Impact on equity after taxation(44,781)
Decrease in value of NZ dollar of 10%
Impact on profit after taxation-
Impact on equity after taxation54,732
The net exposure at balance date is representative of what the Group was and is expecting to be exposed to
in the next 12 months from balance date.
The Group’s profit and total comprehensive income for the year ended 31 March 2020 would not have
changed materially by a movement of plus/(minus) 1 cent in AUD/NZD.
RYMAN HEALTHCARE
124
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
20. FINANCIAL INSTRUMENTS (CONTINUED)
d. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due
without incurring unacceptable losses or risking reputational damage. The Group manages liquidity to
ensure that it has sufficient liquidity to meet its liabilities when due. This includes under both normal and
stressed conditions.
The Group manages the liquidity risk on occupancy advances through the contractual requirements in the
occupation agreement.
Following termination of the agreement, in New Zealand the occupancy advance is repaid at the earlier of:
• receipt of the new occupancy advance from the incoming resident
• at the end of 3 years.
Following termination of the agreement, in Australia the occupancy advance is repaid at the earlier of:
• 14 days after a new resident takes up residence
• receipt of the new occupancy advance from the incoming resident
• at the end of 6 months.
The repayment obligation for refundable occupation deposits in New Zealand is within 30 working days of the
resident vacating their care room.
The repayment obligation for refundable occupation deposits in Australia is within 14 days of the resident
vacating their care room.
Ultimate responsibility for liquidity risk management rests with the directors, who have built an appropriate
liquidity risk management framework for the management of the Group’s short, medium, and long-term
funding and liquidity management requirements.
The Group manages liquidity risk by maintaining adequate reserves, banking facilities, and reserve borrowing
facilities, and by regularly monitoring forecast and actual cash flows and the maturity profiles of financial
assets and liabilities.
At balance date, the Group had NZD$647.3 million (2020: NZD$306.3 million) and AUD$36.0 million
(2020: AUD$231.0 million) of undrawn facilities at its disposal to further reduce liquidity risk.
The Group does not face a significant liquidity risk with regard to lease liabilities (note 13).
ANNUAL REPORT 2021
125
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
20. FINANCIAL INSTRUMENTS (CONTINUED)
Maturity profile
The following table details the Group’s exposure to liquidity risk (including contractual interest obligations for
bank loans, retail bonds and USPP notes).
Contractual maturity dates
20212020
On
demand
Less
than
1 year1–5 years
Greater
than
5 yearsTotal
On
demand
Less
than
1 year1–5 years
Greater
than
5 yearsTotal
$000$000$000$000$000$000$000$000$000$000
Financial
liabilities:
Trade and other
payables
-106,072--106,072-183,975--183,975
Interest-rate
swaps
-17,339--17,339-23,809--23,809
CCIRS-11,272--11,272-----
Refundable
accommodation
deposits
113,666---113,66674 ,57 1---74 ,57 1
Bank loans
(secured)
-26,0351,703,018 -1,729,053-3,5331,741,613-1,745,146
Retail bond-3,68715,300152,869171,856-----
USPP notes-16,44158,755518,302593,498-----
Occupancy
advances (non-
interest bearing)
-438,9263,263,289-3,702,215-382,7452,864,432-3,247,177
Lease liabilities-6,2558,230-14,485-6,2249,908-16,132
113,666626,0275,048,592671,1716,459,45674 ,57 1600,2864,615,953-5,290,810
Gross occupancy advances and refundable accommodation deposits are non-interest bearing.
The above figures have been calculated on the anticipated level of occupancy advance repayments based on
historical experience. To date, new occupancy advances received have always exceeded repaid occupancy
advances (net of management fees) and represent a positive net operating cash flow to the Group.
RYMAN HEALTHCARE
126
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
20. FINANCIAL INSTRUMENTS (CONTINUED)
The Group maintains the following lines of credit.
• $2.8 million (2020: $2.8 million) overdraft facility that is secured. Interest would be payable at the 3-month
BKBM rate, plus a specified margin (note 9).
• Bank debt facilities of the Group total approximately $2.4 billion (2020: $2.3 billion) made up as follows.
– An NZD loan facility of $1.90 billion (2020: $1.80 billion), of which $135.0 million (2020: $35.0 million) is
for 1 year, $144.0 million (2020: $144.0 million) is for 1.5 years, $521.3 million (2020: $521.3 million) is for
3 years, $485.3 million (2020: $485.3 million) is for 4 years, and $616.3 million (2020: $616.3 million) is
for 5 years.
– An AUD loan facility of AUD$471.0 million (2020: AUD$471.0 million), of which AUD$36.0 million
(2020: $36.0 million) is for 1.5 years, AUD$235.0 million (2020: AUD$235.0 million) is for 4 years, and
AUD$200.0 million (2020: $200.0 million) is for 5 years.
– In 2021 the NZD loan facility of $1.90 billion is provided by ANZ Bank New Zealand Ltd
($390.0 million), Commonwealth Bank of Australia ($274.9 million), Bank of New Zealand/National
Australia Bank ($470.5 million), Westpac ($291.4 million), MUFG ($175.0 million), Bank of China
($200.0 million) and the Industrial and Commercial Bank of China ($100.0 million) under the terms
of a syndicated loan agreement. The facility allows for the funds to be drawn down in NZD up to the
$1.90 billion NZD limit.
–In 2021 the AUD loan facility of AUD$471.0 million is provided by ANZ Bank New Zealand Ltd
(AUD$136.0 million), Commonwealth Bank of Australia (AUD$242.5 million), Bank of New Zealand/
National Australia Bank (AUD$42.0 million), and Westpac (AUD$50.5 million) under the terms of a
syndicated loan agreement.
– In 2020 the NZD loan facility of $1.80 billion is provided by ANZ Bank New Zealand Ltd ($390.0 million),
Commonwealth Bank of Australia ($274.9 million), Bank of New Zealand/National Australia Bank
($370.5 million), Westpac ($291.4 million), MUFG ($175.0 million), Bank of China ($200.0 million) and
the Industrial and Commercial Bank of China ($100.0 million) under the terms of a syndicated loan
agreement. The facility allowed for the funds to be drawn down in NZD up to the $1.80 billion NZD limit.
– In 2020 the AUD loan facility of AUD$471.0 million is provided by ANZ Bank New Zealand Ltd
(AUD$136.0 million), Commonwealth Bank of Australia (AUD$242.5 million), Bank of New Zealand/
National Australia Bank (AUD$42.0 million), and Westpac (AUD$50.5 million) under the terms of a
syndicated loan agreement.
The Group renews its facilities annually to ensure an appropriate portion matures on a rolling 1, 3, 4, and 5-year basis.
ANNUAL REPORT 2021
127
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
20. FINANCIAL INSTRUMENTS (CONTINUED)
e. Fair values
Apart from the retail bonds and US Private Placement notes (USPP), the carrying amounts of financial
instruments in the Group’s balance sheet are the same as their fair value in all material aspects, due to the
demand features of these instruments and/or their interest-rate profiles.
The fair value of the retail bond is based on the price traded at on the NZX market at 31 March 2021.
The fair value of the retail bond is categorised as Level 1 under the fair-value hierarchy in accordance with
NZ IFRS 13 – Fair Value Measurement.
The fair value of the US Private Placement notes has been determined at balance date on a discounted
cash-flow basis and applying discount factors to the future USD interest payment and principal payment cash
flows. The fair value of the USPP is categorised as Level 2 under the fair-value hierarchy in accordance with
NZ IFRS 13 – Fair Value Measurement.
2021
Carrying amount
2021
Fair value
2020
Carrying amount
2020
Fair value
$000$000$000
$000
Retail bond
146,861149,880
--
US Private Placement notes
399,214401,263
--
The fair value of interest-rate swaps and CCIRS are derived using inputs supplied by third parties that are
observable, either directly (prices) or indirectly (derived from prices). The Group has therefore categorised
these liabilities as Level 2 under the fair-value hierarchy contained within IFRS 13 – Fair Value Measurement.
f. Market risk
The Group is primarily exposed to interest-rate risk (note 20 (b)) and foreign-currency risk (note 20 (c)).
g. Capital management
The Group’s capital includes share capital, reserves, and retained earnings. The objective of the Group’s capital
management is to ensure a strong credit rating to support business growth and maximise shareholder value.
The Group’s capital is managed at parent-company level. The Group is subject to capital requirements
imposed by its bank and the lenders included in the banking syndicate through covenants agreed as part of
the lending facility arrangements, bond holders through covenants in the Master Trust Deed and USPP note
holders through covenants in the Note Purchase Agreement.
The Group has met all externally imposed capital requirements for the 12 months ended 31 March 2021 and
31 March 2020.
The Group’s capital structure is managed, and adjustments are made with board approval to the structure,
considering economic conditions at the time. There were no changes to objectives, policies, or processes
during the year.
RYMAN HEALTHCARE
128
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
21. COMMITMENTS
Capital expenditure commitments
The Group had commitments relating to construction contracts amounting to $180.6 million at 31 March 2021
(2020: $200.9 million).
The Group has an ongoing commitment for maintaining the land and buildings of the integrated retirement
villages, resthomes, and hospitals.
22. CONTINGENT LIABILITIES
The Group had no contingent liabilities at 31 March 2021 (2020: $Nil).
23. RECONCILIATION OF NET PROFIT AFTER TAX WITH NET CASH FLOW FROM
OPERATING ACTIVITIES
20212020
$000
$000
Net profit after tax423,061264,710
Adjusted for:
Movements in balance-sheet items
Occupancy advances518,292482,962
Accrued management fees(59,116)(64,051)
Refundable accommodation deposits32 ,47040,558
Revenue in advance7,5 1 56,456
Trade and other payables4,8455,507
Trade and other receivables(92,565)(81,124)
Inventory(26,738)-
Employee entitlements6,3561,844
Non-cash items:
Depreciation and amortisation29,89226,829
Depreciation of right-of-use assets2 ,4761,787
Loss on disposal15,102-
Deferred tax(12,561)(93,563)
Unrealised foreign-exchange (gain)/loss(19,063)2,314
Adjusted for:
Fair-value movement of investment properties(416,847)(144,438)
Net operating cash flows413,119449,791
Net operating cash flows includes net occupancy advance receipts from retirement-village residents of
$787.7 million (2020: $755.3 million).
Also included in operating cash flows are net receipts from refundable accommodation deposits of
$27.9 million (2020: $41.1 million).
Net operating cash flows also include management fees collected of $48.0 million (2020: $44.6 million).
ANNUAL REPORT 2021
129
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
24. SUBSIDIARY COMPANIES
All trading subsidiaries operate in the aged-care sector in New Zealand and Australia, are 100 percent owned, and
have a balance date of 31 March. The operating subsidiaries are listed below.
• Anthony Wilding Retirement Village Limited
• Bert Sutcliffe Retirement Village Limited
• Bob Owens Retirement Village Limited
• Bob Scott Retirement Village Limited
• Bruce McLaren Retirement Village Limited
• Café Ryman Russley Road Limited
• Charles Brownlow Retirement Village Pty Ltd
• Charles Fleming Retirement Village Limited
• Charles Upham Retirement Village Limited
• Diana Isaac Retirement Village Limited
• Edmund Hillary Retirement Village Limited
• Ernest Rutherford Retirement Village Limited
• Essie Summers Retirement Village Limited
• Evelyn Page Retirement Village Limited
• Frances Hodgkins Retirement Village Limited
• Grace Joel Retirement Village Limited
• Hilda Ross Retirement Village Limited
• James Wattie Retirement Village Limited
• Jane Mander Retirement Village Limited
• Jane Winstone Retirement Village Limited
• Jean Sandel Retirement Village Limited
• John Flynn Retirement Village Pty Ltd
• Julia Wallace Retirement Village Limited
• Keith Park Retirement Village Limited
• Kiri Te Kanawa Retirement Village Limited
• Linda Jones Retirement Village Limited
• Logan Campbell Retirement Village Limited
• Malvina Major Retirement Village Limited
• Margaret Stoddart Retirement Village Limited
• Miriam Corban Retirement Village Limited
• Murray Halberg Retirement Village Limited
• Nellie Melba Retirement Village Pty Ltd
• Ngaio Marsh Retirement Village Limited
• Possum Bourne Retirement Village Limited
• Riccarton Park Retirement Village Limited
• Rita Angus Retirement Village Limited
• Rowena Jackson Retirement Village Limited
• Ryman Aged Care (Australia) Pty Ltd
• Ryman Construction Pty Ltd
• Ryman Healthcare (Australia) Pty Ltd
• Ryman Healthcare (Australia) No. 10 Pty Ltd
• Ryman Napier Limited
• Shona McFarlane Retirement Village Limited
• Weary Dunlop Retirement Village Pty Ltd
• William Sanders Retirement Village Limited
• Yvette Williams Retirement Village Limited
25. SEGMENT INFORMATION
Products and services from which reportable segments derive their revenue
The Ryman Group operates in one industry, being the provision of integrated retirement villages for older people
in New Zealand and Australia. The service provision process for each of the villages is similar, and the class of
customer and methods of distribution and regulatory environment are consistent across all the villages.
Segment revenues and results
The accounting policies of the reportable segment are the same as the Group’s accounting policies. The segment
profit represents profit earned for the segment after all costs including all administration costs, directors’ fees,
interest revenue, finance costs, and income-tax expense.
The board makes resource allocation decisions to the segment, based on the expected cash flows and results of
Group operations as a whole. No operations were discontinued during the year. To monitor segment performance
and allocate resources to the segment, the board monitors assets attributable to the segment. All assets are
allocated to the reportable segment.
RYMAN HEALTHCARE
130
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
25. SEGMENT INFORMATION (CONTINUED)
Information about major customers
Included in total revenue are revenues that arose from sales to the Group’s largest customers.
The Group derives care-fee revenue for eligible government-subsidised, aged-care residents who receive
resthome, hospital, or dementia-level care. The government aged-care subsidies received from the New Zealand
Ministry of Health included in Group care fees amounted to $122.5 million (2020: $114.9 million). There are no other
significant customers.
Geographical information
The Group operates in New Zealand and Australia.
In presenting information based on geographical areas, net profit, underlying profit, and revenue are based on the
geographical location of operations. Assets are based on the geographical location of the assets.
New ZealandAustraliaGroup
$000$000
$000
Year ended 31 March 2021
Revenue405,39650,398455,794
Underlying profit (non-GAAP)192,28632,163224,449
Deferred tax credit (note 4)
5,8616,70012,561
Unrealised fair-value movement (note 7)192,5828,571201,153
Impairment – loss on disposal (note 6)-(15,102)(15,102)
Profit for the year390,72932,332423,061
Non-current assets7,230,2981,340,4638,570,761
Year ended 31 March 2020
Revenue383,11740,766423,883
Underlying profit (non-GAAP)199,87742,154242,031
Deferred tax credit (note 4)
86,1427,4 2 193,563
Unrealised fair-value movement (note 7)(44,092)(26,792)(70,884)
Profit for the year241,92722 ,783264,710
Non-current assets6,260,370946,3367,206,706
Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS
profit for the year. Underlying profit does not have a standardised meaning prescribed by GAAP and so may not
be comparable to similar financial information presented by other entities. The Group uses underlying profit, with
other measures, to measure performance. Underlying profit is a measure that the Group uses consistently across
reporting periods.
ANNUAL REPORT 2021
131
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
25. SEGMENT INFORMATION (CONTINUED)
Underlying profit includes realised movement on investment property for units in which a right-to-occupy
has been sold during the period and for which a legally binding contract is in place at the reporting date. The
occupancy advance for these units may have been received or be included within the trade receivables balance at
reporting date (see note 5).
Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties,
and impairment losses on non-trading assets because these items do not reflect the trading performance of the
Company. Underlying profit determines the dividend payout to shareholders.
26. EMPLOYEE SHARE SCHEMES
Leadership share scheme
The Group operates an employee share scheme for certain senior employees, other than non-executive directors,
to purchase ordinary shares in the Company.
The Group provides the employees with limited recourse loans on an interest-free basis to support employees’
participation in the scheme. These shares are treated as treasury stock when purchased on market, due to the
features of the scheme.
The loans are applied to the purchase of shares on market, so the number of shares and the consideration
for each share are determined by the market price at that time. The scheme holds 2,655,017 fully allocated
shares, which represents 0.53 percent of the total shares on issue (2020: 2,711,244 fully allocated shares, which
represented 0.54 percent of the total shares on issue).
Shares purchased under the scheme are held by two directors as custodians, and the shares carry the same
rights as all other ordinary shares. The loan is repayable if the employee is no longer employed by the Group.
The following table reconciles the shares purchased on market under the scheme at the beginning and end of
the financial year.
20212020
Number of
shares
Number of
shares
Balance at beginning of the financial year2,711,2442 ,57 7, 27 2
Purchased on market during the year994,8601,026,708
Forfeited during the financial year(236,003)(213,479)
Vested during the financial year(815,084)(679,257)
Balance at end of the financial year2,655,0172,711,244
Shares were purchased under the scheme in August 2020 at a price of $13.468 per share. Remaining shares held
by the scheme were purchased in August 2019 ($13.40) and August 2018 ($12.98).
Shares vested in August 2020 were originally purchased at $9.32 per share in 2017 and are now held directly by
employees. The amounts owed by employees in these vested shares are included within advances to employees.
This balance includes $277,083 owing by the senior executive team (as defined in note 19) in the share scheme
(2020: $1,776,967).
RYMAN HEALTHCARE
132
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
26. EMPLOYEE SHARE SCHEMES (CONTINUED)
The directors estimate the fair value of each employee advance granted at the time of the purchase of shares on
market, on behalf of the selected employee. Due to the on-market purchase and sale features of the scheme, and
the scheme agreement arrangements, the directors consider any such value to be immaterial. Shares subject to
this scheme vest 3 years from the date of purchase.
All staff employee share scheme
In addition, the Group operates a share scheme that is available for all staff.
Participants of this scheme contribute a minimum of $500 (and up to a maximum amount of $10,000) towards the
on-market purchase of Ryman Healthcare Limited shares. To help the staff member purchase more shares, the Group
advanced an interest-free loan equal to the employee’s contribution towards the share purchase (financial assistance).
The loan is repayable when the staff member leaves the Group. Shares purchased under the scheme are held in
the employee’s name. The financial assistance provided by the Group is recorded in advances to employees.
27. SUBSEQUENT EVENTS
The directors resolved to pay a final dividend of 13.6 cents per share or $68 million, with no imputation credits
attached, to be paid on 18 June 2021.
Refinance of loans and borrowings
Subsequent to 31 March 2021, the Group refinanced the NZD and AUD bank loan facilities. Following the refinance,
the facilities total $1.65 billion (NZD bank loan facility) and AUD$370 million (AUD bank loan facility).
The Group also entered into an AUD$250 million, 7-year institutional term loan (ITL).
Following the refinance, the total interest-bearing loans and borrowing facilities of the Group (including bank loans,
retail bonds, USPP notes and ITL) are NZD$2.18 billion and AUD$652 million. The weighted average maturity
profile of the Group’s interest-bearing loans and borrowings is 4.79 years.
28. AUTHORISATION
The directors authorised the issue of these financial statements on 20 May 2021.
Claire Higgins
Non-Executive Director and
Chair of Audit and Financial Risk Committee
Dr David Kerr
Chair
ANNUAL REPORT 2021
133
OpinionWe have audited the consolidated financial statements of Ryman Healthcare Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 31 March 2021, and
the consolidated income statement, statement of comprehensive income, statement of changes in
equity and statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements, on pages 86 to 133, present
fairly, in all material respects, the consolidated financial position of the Group as at 31 March 2021,
and its consolidated financial performance and cash flows for the year then ended in accordance
with New Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and
International Financial Reporting Standards (‘IFRS’).
Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board
and the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards), and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
Our firm carries out an assurance engagement for the Group relating to Australian aged care.
These services have not impaired our independence as auditor of the Company and Group.
In addition to this, partners and employees of our firm deal with the Company and its subsidiaries
on normal terms within the ordinary course of trading activities of the business of the Company
and its subsidiaries. The firm has no other relationship with, or interest in, the Company or any of
its subsidiaries.
Audit materialityWe consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’
materiality).
In addition, we also assess whether other matters that come to our attention during the audit would
in our judgement change or influence the decisions of such a person (the ‘qualitative’ materiality). We
use materiality both in planning the scope of our audit work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $17.5m.
Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Independent Auditor’s Report
TO THE SHAREHOLDERS OF RYMAN HEALTHCARE LIMITED
RYMAN HEALTHCARE
134
Valuation of investment propertiesHow our audit addressed the key audit matter
As explained in policy (f) and note 7 in the consolidated
financial statements, investment properties are carried
at fair value on the consolidated balance sheet. The
fair value was determined by independent registered
valuers appointed by the Group.
These properties were valued at $6,837m
(2020: $5,760m). The revaluation gain recognised
in the consolidated income statement was $417m
(2020: $144m).
We include the valuation of investment properties as a
key audit matter for two reasons:
1. The significance to the financial statements:
The investment properties account for 75% of
the total assets (2020: 75%), making it the most
significant balance on the balance sheet.
2. The complexity of the valuation model:
The valuation model is complex and combines
discounted future cash flows and occupancy
advances received from residents. The valuation
relies on various estimates and underlying
assumptions, including current unit pricing,
discount rates, long term house price inflation
and the occupancy periods of residents. A
small percentage difference in certain input
assumptions could result in a material change
to the valuation.
Our procedures focused on:
• The appropriateness of the valuation methodology
• The reasonableness of underlying assumptions in the
valuation model.
Our procedures included, amongst others:
• Evaluating the Group’s processes for the independent
valuation of the investment properties
• Reading the valuation reports for properties within the
group and reviewing the valuation methodology and the
reasonableness of the significant underlying assumptions
• Discussing with management the nature of key assumptions
• Assessing the competence, objectivity, and integrity of
the independent registered valuers. We assessed their
professional qualifications and experience. We also obtained
representation from them about their independence and the
scope of their work
• Meeting with the valuers to understand the valuation
process adopted. The purpose of the meeting was to
identify and challenge the critical judgment areas in the
valuation model and to confirm the valuation approach was
in accordance with NZ IFRS 13 Fair Value Measurement.
We specifically discussed the impact of COVID-19 with the
valuers and critically challenged the changes made to key
assumptions and their reasonableness relative to the
31 March 2020 valuation
• Using our in-house valuation specialists to assess the
appropriateness of the valuation methodology and challenge
the reasonableness of the underlying assumptions. Our
specialists focused on the appropriateness of the valuation
methodology, as well as assumptions for current unit pricing,
long term house price inflation and discount rates
• Agreeing a sample of sales and resales to contracts,
recalculating actual growth rates on resales to compare to
growth applied by the valuer, and recalculating the average
tenure of residents based on a sample of contracts to compare
to assumed occupancy periods applied by the valuer
• Comparing a sample of current unit market values
determined by the valuer to actual prices received at
comparable units within the village
• Assessing the discount rates for reasonableness by
comparing the rates to those adopted in the previous year
and the rates adopted by comparable entities, challenging
the adjustments made to take into account the changing
impacts of COVID-19
• Considering the appropriateness of the disclosures in note 7
ANNUAL REPORT 2021
135
Valuation of care-facility land and buildingsHow our audit addressed the key audit matter
As explained in policy (d) and note 6 in the
consolidated financial statements, care facility land
and buildings are carried at their fair value at the date
of revaluation less any subsequent accumulated
depreciation and impairment losses.
The fair value was determined by independent
registered valuers appointed by the Group.
The net book value of care facility land and buildings
as reflected in note 6 is $955m (2020: $711m). The
revaluation gain recognised in other comprehensive
income was $196m (2020: $nil).
We included the valuation of care-facility land and
buildings as a key audit matter for two reasons:
1. The materiality of the account balance, and the
revaluation movements.
2. The complexity of the valuation model:
The valuation model includes both observable
and non-observable inputs. It uses significant
assumptions, including the determination of the
earnings that were capitalised, the capitalisation
rates adopted, and the assessment of the
market value per care bed. These inputs require
significant judgement.
Our procedures focused on:
• the appropriateness of the valuation methodology
• the reasonableness of underlying assumptions in the
valuation model.
Our procedures included, amongst others:
• Evaluating the Group’s processes regarding the independent
valuation of the care facility land and buildings
• Reviewing the valuation methodology and the
reasonableness of the significant valuation assumptions
• Assessing the competence, objectivity, and integrity of
the independent registered valuers. We assessed their
professional qualifications and experience. We also obtained
representation from them about their independence and the
scope of their work
• Meeting with the valuers to understand the valuation process
adopted. The purpose of the meeting was to identify and
challenge the critical judgement areas in the valuation model
and to confirm the valuation approach was in accordance
with NZ IFRS 13 Fair Value Measurement. We specifically
discussed the impact of COVID-19 with the valuers and
critically challenged any related adjustments made to key
assumptions and their reasonableness
• Using our in-house valuation specialists to assess the
appropriateness of the valuation methodology and challenge
the reasonableness of the underlying assumptions. Our
specialists focused on the assumptions for earnings
capitalisation rates
• Assessing the reasonableness of the capitalisation rates and
market value per care bed adopted in the valuation
• Agreeing, on a sample basis, the earnings capitalised to the
underlying accounting records and challenging the valuers
on the adjustments made to actual earnings in arriving at the
earnings used in the valuation
• Considering the appropriateness of the disclosures in note 6
RYMAN HEALTHCARE
136
Other information The directors are responsible on behalf of the Group for the other information. The other
information comprises the information in the Annual Report that accompanies the consolidated
financial statements and the audit report. The Annual Report will be made available to us after the
date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If so, we are required to report that fact.
When we read the other information in the Annual Report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the directors and consider
further appropriate actions.
Directors’
responsibilities for the
consolidated financial
statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal
control as the directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
Auditor’s
responsibilities
for the audit of the
consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ)
will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1
This description forms part of our auditor’s report.
Restriction on use This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are required
to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Company’s shareholders
as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Bryden, Partner
for Deloitte Limited
Christchurch, New Zealand
20 May 2021
ANNUAL REPORT 2021
137
Sidney Humphries and
Sandra Humphries, Ryman residents.
138
RYMAN HEALTHCARE
Statement
of corporate
governance
ANNUAL REPORT 2021
139
Statement of corporate governance
Ryman believes in the benefit of good
corporate governance and the value it
provides for our shareholders, residents,
staff, and other stakeholders.
Ryman’s board of directors is responsible
for the company’s corporate governance.
The board undertakes this role with reference
to best practice and takes into consideration
the recommendations outlined in the NZX
Corporate Governance Code (the Code).
The company’s approach to applying the
recommendations outlined in the Code are
set out below. The section is set out in the
order of the principles detailed in the Code
and explains how Ryman is applying the
Code’s recommendations.
Ryman’s policy documents referred to in this
section are available at www.rymanhealthcare.
co.nz/about-us/investors/governance.
NZX Listing Rules
The company applies the NZX Main Board Listing
Rules (the Listing Rules). At the date of this report,
the current version of the Listing Rules are those
dated 10 December 2020.
COVID-19 Class Waiver – 2020 results
announcement and annual report
As a result of the COVID-19 situation, on 19 March 2020
NZX Regulation granted a class waiver, under which
the timing requirements for the release of results
announcements and annual reports were extended
for issuers with certain balance dates, if those issuers
considered they required that additional time to meet
their periodic reporting requirements.
Under the class waiver, issuers were given up to an
additional 30 days to prepare and release results
announcements, and up to an additional 2 months
to prepare and release annual reports.
Ryman considered the impact of COVID-19 and
determined that additional time was required to
meet its periodic reporting requirements, and relied
on the class waiver in relation to its full-year results
announcement for the year ended 31 March 2020.
The 2020 full-year results announcement was
released on 12 June 2020.
The 2020 annual report was released on 29 June 2020,
which met the standard periodic reporting requirements
under the Listing Rules and did not make use of the
class waiver.
PRINCIPLE 1 – CODE OF ETHICAL
BEHAVIOUR
“Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards
being followed throughout the organisation.”
Code of ethics
As part of the board’s commitment to the highest
standards of behaviour and accountability, the
company has adopted a code of ethics to guide
directors, senior management, and employees in
carrying out their duties and responsibilities.
Ryman’s code of ethics is the framework of standards by
which the directors, senior management, and employees
are expected to conduct their professional lives. It is
intended to support decision-making that is consistent
with Ryman’s values, business goals, and legal and policy
obligations, rather than to prescribe an exhaustive list of
acceptable and non-acceptable behaviour.
The board approves the code of ethics, which covers
matters such as:
• interacting with residents and their families,
employees, and suppliers
• accepting gifts or other benefits
• dealing with conflicts of interest
• protecting company assets
• complying with laws and policies
• maintaining confidentiality
• reporting breaches.
RYMAN HEALTHCARE
140
Statement of corporate governance (continued)
New employees receive a copy of the code of ethics,
which is accessible to all staff on the Ryman intranet
and the company website.
The company has a whistleblower and protected
disclosure policy. The purpose of the policy is to
protect an employee who wishes to raise concerns of
serious wrongdoing from reprisals or victimisation for
reporting their concerns.
Financial product trading policy
Ryman supports the integrity of New Zealand’s
financial markets. This integrity is maintained, in
part, through the insider trading laws that apply in
New Zealand. Ryman’s financial product trading policy
outlines how those laws apply, as well as the rules that
Ryman has put in place so that those laws are followed.
Directors, certain employees, and their related parties
must seek approval from the company to trade in the
company’s shares. Trading is limited to two ‘trading
windows’: between the full-year announcement
date and 31 August, and between the half-year
announcement date and 31 January each year.
The directors’ shareholdings and all trading of shares
during the year by the directors is disclosed in the
section headed Directors’ disclosures. A director or
senior manager is obliged to advise the NZX promptly
if they trade in the company’s shares.
PRINCIPLE 2 – BOARD COMPOSITION AND
PERFORMANCE
“To ensure an effective board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.”
The board of directors
The directors are responsible for the corporate
governance practices of the company. The practices
adopted by the board are prescribed in a charter that
sets out the protocols for how the board operates.
The charter complies with the relevant recommendations
in the Code and is reviewed annually.
The board’s primary role is to effectively represent and
promote the interests of shareholders, with a view to
adding long-term value to the company’s shares.
The board carries out its responsibilities according to
the following mandate.
• The board should consist of a majority of
non-executive directors.
• At least a third of the directors should be
independent of management and free from any
business or other relationship or circumstance
that could materially interfere with the exercise
of a director’s independent judgement.
• The board’s chair should be a non-executive
director (and not the group chief executive).
• Directors should possess a broad range of skills,
qualifications, and experience and remain up to date
on how best to perform their duties as directors.
• Management must provide information of
sufficient content, quality, and timeliness as the
board considers necessary to allow the board to
effectively discharge its duties.
• The effectiveness and performance of the
board and its individual members should be
re-evaluated annually.
The board consists entirely of non-executive directors.
The directors of the company at 31 March 2021 are
Dr David Kerr, Jo Appleyard, Warren Bell, Claire Higgins,
George Savvides, Geoff Cumming, Anthony Leighs,
Paula Jeffs and Greg Campbell.
The board has determined that Dr David Kerr,
Jo Appleyard, Claire Higgins, George Savvides,
Anthony Leighs, Paula Jeffs and Greg Campbell
are all independent directors for the purposes of
the Listing Rules.
More information on the directors, including their
experience, interests, qualifications, length of service,
and shareholdings, is provided in the Directors’
disclosures section of this report and is on the
company’s website. A summary of the board’s skill
set is detailed in the table below.
Day-to-day management of Ryman is delegated to the
group chief executive and the senior executive team.
The group chief executive and senior executive team
are delegated the responsibility for implementing the
board’s strategy.
ANNUAL REPORT 2021
141
Statement of corporate governance (continued)
Dr David
Kerr
Jo
Appleyard
Warren
Bell
George
Savvides
Claire
Higgins
Geoff
Cumming
Anthony
Leighs
Paula
Jeffs
Greg
Campbell
Governance
••••••••
Executive leadership
••••••
Finance, accounting and taxation
••••••
Risk management
•••••••••
Property and construction
•••••
Health and safety
••••••
Health, clinical and aged care
•••••••
Digital and technology
••
Human resources
••••••
Strategy
•••••••••
The board’s responsibilities
The primary responsibilities of the board are to:
• ensure the company’s goals are clearly established
and that strategies are in place for achieving them
• establish policies for strengthening the
performance of the company and ensure that
management is proactively seeking to build
the business
• monitor the performance of management
• appoint the group chief executive and set the
terms of the group chief executive’s employment
agreement
• decide on what steps are needed to protect the
company’s financial position and its ability to meet
its debts and other obligations when they fall due,
and ensure that such steps are taken
• ensure the company’s financial statements are
true and fair and conform with the law
• ensure the company adheres to high standards of
ethics and corporate behaviour
• ensure the company adheres to its health and
safety obligations and commitments
• ensure the company has appropriate risk
management/regulatory compliance policies
in place.
On appointment to the board by the shareholders,
new directors sign a written agreement that covers the
terms of their appointment.
Every year, the board and sub-committees critically
evaluate their own performance, and their own
processes and procedures. Through this process,
the board identifies any training opportunities for
individual directors to ensure they have relevant and
up-to-date skills for performing their role.
Under the Listing Rules every director must stand for
re-election on the later of 3 years and the third annual
meeting after their appointment. These directors may
offer themselves for re-election.
The Governance, Remuneration and Nomination
Committee undertakes the process for nominating
directors on behalf of the board, and makes
appropriate recommendations to the board.
The committee’s terms of reference include the
process for nominating directors.
Directors appointed by the board must retire at the
next annual meeting following their appointment.
These directors may offer themselves for re-election.
Independent professional advice
With the prior approval of the chair, each director
has the right to seek independent legal and other
professional advice at the company’s expense
about any aspect of the company’s operations or
undertakings to assist in fulfilling their duties and
responsibilities as directors.
Diversity
The board and management ensure that all eligible
people get an equal opportunity to demonstrate that
they have the right skills and experience for a particular
role, which forms the basis of our diversity policy.
RYMAN HEALTHCARE
142
Statement of corporate governance (continued)
Ryman embraces the uniqueness in all of our people
and welcomes diversity. We encourage all of our
employees to listen to each other and to our residents
and their families, and to work to meet the needs of
individual people.
Our approach to diversity is to continually develop a
work environment that supports equality and inclusion,
regardless of difference.
The board sets measurable objectives for assessing
performance against Ryman’s diversity policy (including
achieving gender diversity) and assesses progress
annually. The board ensures Ryman’s objectives are
appropriate for promoting diversity and inclusion.
The gender diversity for our leadership roles at
31 March is as follows.
20212020
DirectorsMale65
Female33
98
Senior Executive TeamMale54
Female23
77
Ryman LeadersMale197143
Female349291
546434
PRINCIPLE 3 – BOARD COMMITTEES
“The board should use committees where this
will enhance its effectiveness in key areas, while
still retaining board responsibility.”
Board committees
The board has five standing committees: Audit and
Financial Risk; People and Safety; Clinical Governance;
Development and Construction; and Governance,
Remuneration and Nomination.
A separate Independent Directors’ Committee
meets as needed.
Each committee operates under specific terms of
reference approved by the board. Any recommendations
they make are recommendations to the board.
The terms of reference for each committee are
reviewed annually.
Audit and Financial Risk Committee
The objective of the Audit and Financial Risk
Committee (AFRC) is to assist the board in discharging
its responsibilities for financial reporting, and risk and
financial/secretarial compliance.
The committee makes recommendations to the board
on appointing external auditors to ensure that they are
independent and to ensure that the company provides
for 5-yearly rotation of the lead audit partner.
The committee provides a forum for the effective
communication between the board and external
auditors. The committee’s responsibilities include:
• reviewing the appointment of the external
auditor, the annual audit plan, and addressing
any recommendations from the audit
• reviewing any dividend proposals and financial
information to be issued to the public
• ensuring that appropriate financial systems
and internal controls are in place
• oversight of the Group’s financial and enterprise
level risk environment.
The AFRC must consist of at least three directors,
who must wherever possible be independent
non-executive directors. The board chair must also
not be the chair of the AFRC. The current members
are Claire Higgins (chair), Warren Bell (deputy chair),
Geoff Cumming, Dr David Kerr, George Savvides, and
Greg Campbell. Dr David Kerr, Claire Higgins,
George Savvides, and Greg Campbell are all
independent non-executive directors. Claire Higgins
is a Fellow of CPA Australia and Warren Bell is a Fellow
of Chartered Accountants Australia New Zealand.
The committee generally invites the group chief
executive, chief financial officer, and the external
auditor to attend AFRC meetings as appropriate. The
committee also meets and receives regular reports
from the external auditor without management
present, concerning any matters that arise in
connection with the performance of the auditor’s role.
The committee maintains direct lines of
communication with the group chief executive, and
the chief financial officer. Any director may attend.
ANNUAL REPORT 2021
143
Statement of corporate governance (continued)
People and Safety Committee
The People and Safety Committee (previously the
Health, Safety and Wellbeing Committee) assists the
board in discharging its responsibilities in overseeing
and reviewing people and health, safety and wellbeing
matters arising out of Ryman’s activities and the
impact of these activities on staff, contractors,
residents, and visitors to Ryman.
The committee recognises the critical role people
and safety forms as part of its day-to-day operations
and wants to ensure a safety-first culture across all
business operations.
The members of the committee are Paula Jeffs (chair),
Claire Higgins, Dr David Kerr, Jo Appleyard,
Geoff Cumming, Greg Campbell, Gordon MacLeod
(Group Chief Executive), as a director of all Ryman
Group subsidiaries and David Bennett (Chief Financial
Officer), as a director of all Ryman Group subsidiaries.
The committee’s responsibilities include:
• reviewing, monitoring and making
recommendations to the board on the health and
safety risk management framework and policies,
and the people and culture plan
• reviewing and making recommendations to
the board on strategies for achieving workforce
health, safety and wellbeing objectives through
oversight of the organisation’s major project or
other improvement plans
• ensuring the board and directors are properly and
regularly informed on matters relating to people
and health, safety and wellbeing governance,
performance, and compliance
• conducting regular assessments and audits of the
risk profile and control processes
• monitoring compliance with people and health,
safety and wellbeing policies and relevant applicable
law through oversight of major assurance functions
• reviewing and making recommendations to the
board on strategies for achieving people and
culture objectives.
The committee maintains direct lines of
communication with the chief operations officer,
the chief construction officer, and the head of
people and culture.
Clinical Governance Committee
The Clinical Governance Committee supports,
and enhances the quality of, the company’s clinical
performance and care and service provision.
The committee assists the board in discharging its
oversight of clinical reporting and clinical compliance
and is focused on innovation in healthcare and ensuring
alignment with emerging best clinical practice.
The committee consists of three non-executive
directors: George Savvides (chair), Dr David Kerr, and
Jo Appleyard, as well as Tim Wilkinson, a professor at
Otago Medical School and a consulting geriatrician,
and Dr Doug Wilson, an author and biotechnologist.
The committee also invite clinically-trained staff to
attend as required.
The committee’s responsibilities are to:
• liaise with internal and external clinical auditors
• review internal and external clinical audit findings
• review significant changes to clinical policies
• review significant complaints and investigations
relating to care of residents
• ensure appropriate clinical information systems
and external controls are in place
• review changes in clinical practice in aged care.
The committee maintains direct lines of
communication with the external clinical auditors, the
group chief executive, the chief operations officer, and
the internal clinical auditor.
External clinical auditors are invited to attend a
meeting each year and report to the committee,
including presenting a review of the internal clinical
audit function.
Development and Construction Committee
The Development and Construction Committee
reviews and enhances the quality of the company’s
development and construction performance.
The committee assists the board in discharging
its oversight of the company’s development and
construction activities and practices.
The committee consists of five non-executive
directors: Anthony Leighs (chair), Jo Appleyard,
Warren Bell, Claire Higgins, and Greg Campbell.
RYMAN HEALTHCARE
144
Statement of corporate governance (continued)
The committee’s responsibilities include:
• ensuring the consent and construction programme
assists in delivering the company’s long-term plan
• investigating new, innovative construction and design
methods to improve resident and staff experiences
• reviewing New Zealand and Victoria cost
trends, buildability, availability of resources and
compliance with regulatory and quality protocols
• reviewing site feasibilities and due diligence
outcomes to provide confirmation of review to
the board
• reviewing systems and procedures supporting the
design, consent and building process.
The committee maintains direct lines of communication
with the group chief executive, the chief financial
officer, the chief development officer and the chief
construction officer.
Governance, Remuneration and
Nomination Committee
The Governance, Remuneration and Nomination
Committee assists the board in establishing
remuneration policies and practices for the company
in discharging the board’s responsibilities for
remuneration. The committee also undertakes the
process for nominating directors on behalf of the
board, and makes appropriate recommendations to
the board.
The committee’s terms of reference include the
process for nominating directors.
Membership of the committee must comprise
non-executive directors, a majority of whom must
be independent. The committee consists of four
non-executive directors: Geoff Cumming (chair),
Dr David Kerr, George Savvides and Paula Jeffs.
Management attends committee meetings only at the
invitation of the committee.
The committee’s objectives are to:
• assist the board in establishing remuneration
policies and practices for the company
• assist in discharging the board’s responsibilities
for reviewing the group chief executive’s and the
directors’ remuneration
• advise and assist the group chief executive in
setting remuneration for the senior executive team
• regularly review and recommend changes
to the composition of the board and identify
and recommend individuals for nomination as
members of the board and its committees.
The directors’ remuneration is set out in the
Directors’ disclosures section of this report.
Detail of the group chief executive’s remuneration is
set out under Principle 5.
Independent Directors’ Committee
The Independent Directors’ Committee is convened
as needed and consists of independent non-executive
directors who address significant conflicts of interest
and any other matters referred by the board.
Ryman has protocols that set out the procedures to be
followed if there is a takeover offer. These procedures
are set out in the Takeover Response Protocols that
have been adopted by the board.
Attendance at board and committee meetings
Director attendance at board and committee meetings
is shown in the table below.
The table details the attendance at the meetings
outlined in the board and committee meeting plan for
the year ended 31 March 2021 plus additional meetings
held during the year. Board meetings consist of a
number of meetings held over multiple days.
In addition to the meetings outlined in the board
and committee meeting plan, the board and Clinical
Governance Committee held additional meetings to
consider the impact of, and the continued response
to, COVID-19. Wherever possible all members of the
board and committee were in attendance at these
additional meetings. However, due to the pace at which
the response to COVID-19 has evolved over the course
of the year and the necessarily short notice given for
some meetings, not all members were available to
attend every meeting.
ANNUAL REPORT 2021
145
Statement of corporate governance (continued)
Attendance at board and committee meetings
BoardAudit and
Financial
Risk
People and
Safety
Clinical
Governance
Development and
Construction
Governance,
Remuneration and
Nomination
Number of meetings held1145776
Dr David Kerr11/11 (chair)4 /45/57/ 76/6
Jo Appleyard11/114/56/76/7
Warren Bell11/114 /47/ 7
Claire Higgins11/114/4 (chair)5/5 (4 as
chair)
1
7/ 7
George Savvides11/114 /47/7 (chair)6/6
Geoff Cumming11/114 /41/16/6 (chair)
Anthony Leighs10/117/7 (chair)
Paula Jeffs11/113/3 (1 as
chair)
1
6/6
Greg Campbell1/1
2
The Independent Directors’ Committee did not meet during the year.
1 Paula Jeffs replaced Claire Higgins as the chair of the People and Safety Committee (previously Health, Safety and Wellbeing
Committee).
2 Greg Campbell joined the board in March 2021.
Summary of committee memberships
CommitteeMembers at 31 March 2021Members at 31 March 2020
Audit and Financial RiskClaire Higgins (chair), Warren Bell
(deputy chair), Dr David Kerr,
George Savvides, Geoff Cumming,
Greg Campbell
Claire Higgins (chair), Warren Bell
(deputy chair), Dr David Kerr,
George Savvides, Geoff Cumming
People and Safety (previously Health,
Safety and Wellbeing)
Paula Jeffs (chair), Claire Higgins,
Dr David Kerr, Jo Appleyard,
Geoff Cumming, Greg Campbell,
Gordon MacLeod (Group Chief
Executive), David Bennett (Chief
Financial Officer)
Claire Higgins (chair), Dr David Kerr,
Jo Appleyard, Gordon MacLeod (Group
Chief Executive), David Bennett (Chief
Financial Officer)
Clinical GovernanceGeorge Savvides (chair), Dr David Kerr,
Jo Appleyard
George Savvides (chair), Dr David Kerr,
Jo Appleyard
Development and ConstructionAnthony Leighs (chair), Jo Appleyard,
Warren Bell, Claire Higgins,
Greg Campbell
Anthony Leighs (chair), Jo Appleyard,
Warren Bell, Claire Higgins
Governance, Remuneration and
Nomination
Geoff Cumming (chair), Dr David Kerr,
George Savvides, Paula Jeffs
Geoff Cumming (chair), Dr David Kerr,
George Savvides
RYMAN HEALTHCARE
146
Statement of corporate governance (continued)
PRINCIPLE 4 – REPORTING AND
DISCLOSURE
“The board should demand integrity in financial
and non-financial reporting, and in the timeliness
and balance of corporate disclosures.”
Reporting and disclosure
The board focuses on providing accurate, adequate,
and timely information both to existing shareholders
and to the market generally. This enables all investors
to make informed decisions about the company.
Ryman, as a company listed on the NZX Main Board,
has an obligation to comply with the disclosure
requirements under the NZX Main Board Listing Rules.
Ryman recognises that these requirements aim to
provide equal access for all investors or potential
investors to material price-sensitive information
concerning issuers or their financial products. This in
turn promotes confidence in the market.
Ryman’s market disclosure policy outlines the
obligations of Ryman and relevant Ryman personnel
in satisfying the disclosure requirements. It also
covers other related matters including external
communications by Ryman.
This annual report is produced using the principles
of Integrated Reporting <IR>. An integrated report
provides more information on the company’s business
model and how we create value over time. As a result,
an annual report produced under the <IR> framework
will have a broader narrative than an annual report that
does not use the framework.
Ryman publishes its key governance and other
relevant documents in the investor centre of the
company’s website at www.rymanhealthcare.co.nz/
about-us/investors/governance.
All significant announcements made to the NZX and
reports issued are also posted on the company’s website.
PRINCIPLE 5 – REMUNERATION
“The remuneration of directors and executives
should be transparent, fair and reasonable.”
The Governance, Remuneration and Nomination
Committee makes recommendations to the board on
remuneration matters in keeping with the committee’s
terms of reference. The committee does not have the
authority to make decisions on behalf of the board.
The committee is also responsible for making
recommendations to the board on the remuneration
of the group chief executive.
The total director remuneration pool is approved by
shareholders at the annual general meeting (AGM)
as required under the Listing Rules.
The board is responsible for the setting of individual
directors’ fees in line with the approved pool and the
Listing Rules.
Details of the directors’ remuneration for the year are
in the Directors’ disclosures section of this report.
Ryman has in place a remuneration policy that
outlines the key principles that influence Ryman’s
remuneration practices.
The remuneration of the group chief executive and
the senior executive team is determined by the
significance of their role and the industry. The total
remuneration is made up of fixed remuneration and
short and medium-term cash-based incentives. The
group chief executive and senior executive team are
also members of the senior leadership share scheme
(see note 26 of the financial statements).
The short and medium-term incentives are at-risk
payments that reward performance. They are
designed to motivate and incentivise senior staff in the
delivery of performance over a 1 and 3-year operating
cycle. The amount payable is set over the performance
period. The payment of the short and medium-term
incentive depends on achieving certain results and
outcomes. Performance over the 1 and 3-year periods
is measured against ‘stretch’ performance targets. The
performance metrics differ with each role.
Every year, the committee reviews the levels and
appropriateness of these incentives and weighting.
There are no long-term incentives for the senior
executive team that are subject to performance risk.
The senior leadership share scheme provides
certain employees with limited recourse loans on
an interest-free basis to support the employees’
participation in the scheme.
ANNUAL REPORT 2021
147
Statement of corporate governance (continued)
For accounting purposes, these shares are treated as
treasury stock when purchased on market, due to the
features of the scheme.
Shares subject to this scheme have a restricted
period of 3 years from the date of purchase, to
appropriately incentivise participants over a longer
period. The loan is repayable if the employee is no
longer employed by Ryman.
Employees’ remuneration
The table below details the number of Ryman group
employees who have earned over $100,000 during
the year ended 31 March 2021. The remuneration
includes salary, short-term incentives, and employer’s
contribution to KiwiSaver and Superannuation.
Remuneration $Number of employees
1,110,000–1,120,0001
560,000–570,0001
540,000–550,0001
470,000–480,0001
460,000–470,0001
410,000–420,0001
370,000–380,0002
340,000–350,0001
330,000–340,0001
320,000–330,0001
310,000–320,0001
300,000–310,0001
290,000–300,0003
280,000–290,0002
270,000–280,0004
250,000–260,0002
240,000–250,0004
230,000–240,0006
220,000–230,0007
210,000–220,0006
200,000–210,0007
190,000–200,0008
180,000–190,0004
170,000–180,00016
160,000–170,00013
150,000–160,00020
140,000–150,00036
130,000–140,00052
120,000–130,00068
110,000–120,00072
100,000–110,00083
Group chief executive remuneration
Gordon MacLeod’s remuneration for the year is as follows.
20212020
$$
Salary1,080,2841,097,127
KiwiSaver32,40839,514
Subtotal1,112,6921,136,641
Short-term incentive-220,000
Medium-term incentive --
Total remuneration
1
1,112,6921,356,641
Loan provided under the
leadership share scheme1,200,0001,200,000
1 There were no other benefits (including long-term incentives)
received in this financial year.
The at-risk short-term and medium-term incentives
are payable on the achievement of certain key
performance indicators (KPIs). These KPIs are focused
on the financial performance of Ryman, specific
operational targets, and people-related expectations.
At 31 March 2021, the total number of shares owned
by and/or held for the benefit of the group chief
executive totalled 672,309 (2020: 660,963). For these
shares, loans totalling $3,346,298 (2020: $3,136,317)
are outstanding.
PRINCIPLE 6 – RISK MANAGEMENT
“Directors should have a sound understanding of
the material risks faced by the issuer and how to
manage them. The board should regularly verify
that the issuer has appropriate processes that
identify and manage potential and material risks.”
The board is responsible for overseeing the company’s
system of internal controls to manage key risks and
have overall responsibility for managing risk.
The company maintains a group risk register to
identify and manage risk. Specific people and safety,
and clinical risk registers are separately maintained
given the significance of these areas to the business.
The senior executive team is responsible for
maintaining the risk registers.
Ryman operates an extensive internal accreditation
programme that addresses issues such as
RYMAN HEALTHCARE
148
Statement of corporate governance (continued)
service delivery, health, safety and wellbeing, and
administration. Internal audits are undertaken
regularly. The results of these audits and critical
indicators are regularly reported to the board.
Through the AFRC, the board considers the
recommendations and advice of external auditors,
and ensures that those recommendations are
investigated and, where considered necessary,
appropriate action is taken.
Through the board committees, health, safety and
wellbeing is discussed regularly at board, senior
executive team, construction team, and operational
team meetings. Regular reporting of key metrics is
prepared to assist these teams in managing health,
safety and wellbeing risks. Further information is in the
Caring for our people section of this report.
Ryman has a Group Tax Charter that sets out the
Group Tax Strategy of Ryman and its subsidiaries.
The Tax Charter along with the Tax Risk Management
Policy and other operational tax policies forms part of
the Group Tax Governance Framework.
Ryman has identified, through consultation with
external and internal stakeholders, key risks and
the impact of these risks. These risks, and Ryman’s
response, are detailed in the materiality matrix
contained in this annual report.
PRINCIPLE 7 – AUDITORS
“The board should ensure the quality and
independence of the external audit process.”
The Audit and Financial Risk Committee makes
recommendations to the board on the appointment
of the external auditor as set out in the terms
of reference. The committee also monitors the
independence and effectiveness of the external
auditor and reviews and approves any non-audit
services performed by the external auditor.
The committee regularly meets with the external
auditor to approve the terms of engagement, audit
partner rotation (at least every 5 years) and audit fee,
and to review and provide feedback on the annual
audit plan. Every year, a comprehensive review
and formal assessment of the independence and
effectiveness of the external auditor is undertaken.
The assessment uses an external auditors’
assessment tool, which is internationally recognised
and endorsed by the Independent Directors Council.
The AFRC routinely has time with Ryman’s external
auditor, Deloitte, without management present.
Deloitte attends the company’s AGM.
The company continually monitors its internal control
environment. Clinical auditors and health, safety and
wellbeing officers regularly test and assess controls
and report their findings to the Clinical Governance
Committee and the People and Safety Committee.
PRINCIPLE 8 – SHAREHOLDER RIGHTS
AND RELATIONS
“The board should respect the rights of
shareholders and foster constructive
relationships with shareholders that
encourage them to engage with the issuer.”
Information for shareholders
The company seeks to ensure that investors understand
its activities by communicating effectively with them and
providing access to clear and balanced information.
The company website rymanhealthcare.co.nz provides
an overview of the business and information about
Ryman. This information includes details of operational
sites, latest news, investor information, key corporate
governance information, and copies of significant NZX
announcements. The website also provides profiles of
the directors and the senior executive team.
Previous annual reports, financial statements, and
results presentations are available on the website.
Shareholders have the right to vote on major decisions
of the company in line with the requirements set out in
the Companies Act 1993 and the Listing Rules.
ANNUAL REPORT 2021
149
Statement of corporate governance (continued)
Communicating with shareholders
Ryman has a dedicated investor relations manager
and corporate affairs manager. These two roles allow
us to develop strong relationships and ensure our
shareholders and bondholders are kept informed.
Ryman’s investor centre sets out the investor relations
manager’s and corporate affairs manager’s contact
details for communications from shareholders.
We send the notice of the AGM to shareholders and
publish it on the company website at least 20 working
days before the meeting each year.
Voting by shareholders
Voting on all resolutions at Ryman’s shareholder
meetings is conducted by poll. This means that Ryman
shareholders enjoy one share, one vote (subject to any
voting restrictions applying under the Listing Rules).
General disclosures of interest
FOR THE YEAR ENDED 31 MARCH 2021
JO APPLEYARD
PartnerChapman Tripp
1
MemberUniversity of Canterbury Vice-Chancellor Employment Committee
MemberNZ Markets Disciplinary Tribunal
2
WARREN BELL
ChairHallenstein Glasson Holdings Ltd Group
ChairSt George’s Hospital Inc
DirectorMeadow Mushrooms Group of Companies
DirectorCyprus Enterprises Limited
DirectorSabina Limited
DirectorWarren Bell Limited
DirectorCHC Properties Limited
DirectorGlasson Trustee Limited
Director152 Hereford Limited
DirectorHickman Family Trustees Limited (part shareholder of Airport Business
Park Christchurch Limited)
TrusteeEmerald Trust (part shareholder of Airport Business Park Christchurch Limited)
TrusteeWaiwetu Trust (part shareholder of Airport Business Park Christchurch Limited)
Bare trusteeRyman Healthcare Share Scheme (jointly with Dr David Kerr)
Director/ShareholderPoraka Limited
DirectorBildeford Holdings Limited
2
GREG CAMPBELL
DirectorRavensdown Limited Group of Companies (until 31 May 2021)
DirectorChristchurch City Holdings Limited
DirectorDevelopment Christchurch Limited
DirectorTerrequipe Limited
DirectorTransdiesel Limited
Director/ShareholderGreg Campbell Limited
TrusteeGS & NA Campbell Family Trust
RYMAN HEALTHCARE
150
GEOFFREY CUMMING
Chair, CEO and sole
shareholder
Karori Capital Limited
Shareholder, lender
and joint manager
Various commercial property investment companies in the Caniwi Capital Partners
Limited group of entities
Advisory board member
and unit holder
Viewpoint Global Fund Trust
Advisory board member
and sponsor
Cumming Medical Research Fund, University of Calgary
Director/ShareholderAmira Medical Technologies Inc
CLAIRE HIGGINS
Chair REI Superannuation Fund Pty Ltd
ChairGMHBA Limited and subsidiaries
DirectorMargin Clear Pty Ltd
DirectorQE042 Pty Ltd
TrusteeHelen Macpherson Smith Trust
PAULA JEFFS
(None)
DR DAVID KERR
ChairCentercare Limited
Bare trusteeRyman Healthcare Share Scheme (jointly with Warren Bell)
DirectorForté Health Limited
ChairEcoCentral Limited
2
DirectorNgāi Tahu Property
2
DirectorThird Age Health Services Limited
2
ANTHONY LEIGHS
Managing DirectorLeighs Construction Holdings Limited and associated entities
Director/ShareholderAlisanca Holdings and associated entities
DirectorPortus Property Limited and associated entities
DirectorStar Scaffolding Limited
DirectorChrist Church Cathedral Reinstatement Limited
DirectorLabour Logistics Auckland Limited
GEORGE SAVVIDES
ChairSpecial Broadcasting Service (SBS) Australia
DirectorIAG Insurance Australia Group
Director/ShareholderTeamflow Asset Management Pty Ltd
ChairNext Science Limited
3
1 Jo has been a director since 2009 and since that time has performed no professional services for the company in her capacity as
a partner at Chapman Tripp.
2 Resigned during the year.
3 Resigned 5 May 2021.
General disclosures of interest (continued)
FOR THE YEAR ENDED 31 MARCH 2021
ANNUAL REPORT 2021
151
Directors’ disclosures
FOR THE YEAR ENDED 31 MARCH 2021
DIRECTORS’ REMUNERATION FOR THE YEAR ($)
Director
Board
fees
Board
deputy
chair
Audit and
Financial
Risk
chair
Clinical
Governance
chair
Development
and
Constructon
chair
Governance,
Remuneration
and
Nomination
chair
People
and
Safety
chair
Foreign
exchange
Total
directors’
fees
Jo
Appleyard 110,500 ------- 110,500
Warren
Bell 110,500 18,000 ------ 128,500
Geoffrey
Cumming 110,500 ------ 537 111,037
Claire
Higgins 110,500 - 18,000 ---- 7,064 135,564
Paula
Jeffs 110,500 ----- 6,000 6,076 122,576
Dr David
Kerr 222,000 ------- 222,000
Anthony
Leighs 110,500 --- 18,000 --- 128,500
George
Savvides 110,500 -- 18,000 --- 7,060 135,560
995,500 18,000 18,000 18,000 18,000 - 6,000 20,737 1,094,237
DIRECTORS’ REMUNERATION POOL
Directors’ fees are reviewed every 2 years. Fees currently paid to Ryman directors for their board and board
committee responsibilities are paid out of a pool. The pool was set at the amount approved by shareholders
in 2018 ($985,000 based on a board of seven directors). As permitted by Listing Rule 2.11.3 the pool can be
increased by the board to enable any additional non-executive director to be paid the average amount being paid
to the other non-executive directors (excluding the chair). Greg Campbell became the ninth Ryman director with
effect from 19 March 2021, and the board has utilised Listing Rule 2.11.3 to enable Greg to be paid directors’ fees
since that time. Australia-based directors’ fees are paid in Australian dollars (AUD).
MEMBERSHIP OF COMMITTEES
Directors do not receive additional fees for membership of committees. Additional fees are paid to directors
who act as the chair or deputy chair of a committee. During the year George Savvides, Claire Higgins, Anthony
Leighs, Geoff Cumming, Paula Jeffs and Warren Bell held committee chair/deputy chair positions. The chair of the
Governance, Remuneration and Nomination Committee does not receive any additional fees.
DIRECTORS OF SUBSIDIARY COMPANIES
Dr David Kerr, Warren Bell, Gordon MacLeod and David Bennett are directors of all the company’s New Zealand
subsidiaries. Claire Higgins, George Savvides, Gordon MacLeod and David Bennett are directors of Ryman
Healthcare (Australia) Pty Ltd and its subsidiaries. No fees are paid to individuals in their capacity as directors of
the subsidiaries.
SPECIFIC DISCLOSURES
In line with the company’s constitution and the Companies Act 1993, the company has provided insurance for, and
indemnities to, directors of the company and its subsidiaries.
RYMAN HEALTHCARE
152
Directors’ disclosures (continued)
FOR THE YEAR ENDED 31 MARCH 2021
SECURITY HOLDINGS AT 31 MARCH 2021
Director
Ordinary
shares
RYM010
retail bonds
Jo Appleyard
1
78,700 -
Warren Bell 1,500 -
Greg Campbell
2
48,000 -
Geoffrey Cumming
3
48,680,000 -
Claire Higgins
4
15,425 -
Paula Jeffs--
Dr David Kerr
5
358,000 -
Anthony Leighs
6
10,000 -
George Savvides
7
54,030 -
SECURITY TRANSACTIONS DURING THE YEAR
DirectorNature of interest
Number of securities
acquired/(disposed of )Consideration ($)Date
Geoffrey Cumming
1
Beneficial 1,038,323 13,861,612 5 June 2020
Geoffrey Cumming
1
Beneficial (1,038,323) (13,861,612)5 June 2020
Dr David KerrBeneficial 10,000 130,057 18 June 2020
Warren Bell
2
Not beneficial (2,000,000) 26,048,270 2 July 2020
Geoffrey Cumming
3
Beneficial (300,000) (4,092,000)24 July 2020
Claire HigginsBeneficial 2 ,7 75 37,315 27 August 2020
Geoffrey Cumming
3
Beneficial (930,100) (14,425,851)23 November 2020
Geoffrey Cumming
4
Beneficial (215,300) (3,339,303)23 November 2020
Geoffrey Cumming
5
Beneficial (672,500) (10,430,475)23 November 2020
Geoffrey Cumming
6
Beneficial (32,000) (496,320)23 November 2020
Geoffrey Cumming
7
Beneficial (120,000) (1,762,800)25 November 2020
1 Geoffrey Cumming made an off-market charitable donation of shares to Horizon Housing Society. He then made an off-market
purchase of shares for the same value.
2 Warren Bell is a director of Hickman Family Trustees Limited, which is the registered holder of the shares as trustee of
The Hickman Family Trust.
3 Geoffrey Cumming made an off-market charitable donation of shares to the University of Calgary.
4 Geoffrey Cumming made an off-market charitable donation of shares to the Centre for Affordable Water and
Sanitation Technology.
5 Geoffrey Cumming made an off-market charitable donation of shares to Silvera for Seniors.
6 Geoffrey Cumming made an off-market charitable donation of shares to The Calgary Foundation.
7 Geoffrey Cumming made an off-market charitable donation of shares to the University of Calgary School of Medicine.
Dr David Kerr and Warren Bell, as joint custodians of the Ryman Healthcare Leadership Share Purchase Scheme,
acquired 994,860 shares during the year, disposed of 1,051,087 shares during the year, and held 2,655,017 shares
in total at 31 March 2021 (see note 26 of the financial statements).
1 Held as trustees of The Appleyard and Larkin Family Trust.
2 Shares held by Gregory Shane Campbell and
Nicole Anne Campbell.
3 A substantial product holder (SPH) notice was lodged on
11 December 2020 showing the transfer of legal holding of
48,680,000 shares from Geoffrey A Cumming to Karori
Capital Limited.
4 Held as trustees of Adam Higgins Superannuation Fund Pty Ltd.
5 Shares held by DW & DJ Kerr and The DW Kerr Family
Trust No. 2.
6 Shares held by Alisanca Holdings Limited.
7 Shares held by Teamflow Asset Management Pty Ltd.
ANNUAL REPORT 2021
153
Shareholder information
TOP 20 SHAREHOLDERS AT 13 MAY 2021
Rank Investor nameNo. of shares% Issued capital
1JPMorgan Chase Bank
1
69,957,869 13.99
2HSBC Nominees (New Zealand) Limited
1
66,042,900 13.21
3Karori Capital Limited 48,680,000 9.74
4HSBC Nominees (New Zealand) Limited
1
33,115,670 6.62
5Hickman Family Trustees Limited
2
33,000,000 6.60
6Citibank Nominees (NZ) Ltd
1
31,753,549 6.35
7BNP Paribas Nominees NZ Limited
1
11,943,060 2.39
8Forsyth Barr Custodians Limited 10,601,051 2.12
9Accident Compensation Corporation
1
10,413,773 2.08
10Tea Custodians Limited
1
9,906,959 1.98
11Custodial Services Limited 7,651,991 1.53
12Custodial Services Limited 7,285,472 1.46
13New Zealand Superannuation Fund Nominees Limited
1
7,034,169 1.41
14New Zealand Depository Nominee 5,860,573 1.17
15National Nominees New Zealand Limited
1
5,414,740 1.08
16BNP Paribas Nominees NZ Limited
1
5,144,094 1.03
17FNZ Custodians Limited 4,742,856 0.95
18Cogent Nominees Limited
1
4,727,927 0.95
19Premier Nominees Limited
1
4,609,220 0.92
20Custodial Services Limited 3,845,407 0.7 7
1 Held by New Zealand Central Securities Depository Ltd as custodian.
2 Held as trustee of The Hickman Family Trust.
DISTRIBUTION OF SHAREHOLDERS AT 13 MAY 2021
Size of shareholdingNumber of shareholdersShares held
1–1,000 6,505 42.03% 3,246,392 0.65%
1,001–5,000 6,015 38.86% 15,524,213 3.10%
5,001–10,000 1,564 10.11% 11,758,609 2.36%
10,001–50,000 1,167 7.5 4% 24,272,046 4.85%
50,001–100,000 118 0.76% 8,237,445 1.65%
Greater than 100,000 109 0.70% 436,961,295 87.39%
Total 15,478 100.00% 500,000,000 100.00%
RYMAN HEALTHCARE
154
Shareholder information (continued)
DISTRIBUTION OF BONDHOLDERS AT 13 MAY 2021
RYM010
Size of shareholdingNumber of bondholdersBonds held
1–1,000-0.00%-0.00%
1,001–5,000 34 6.26% 170,000 0.11%
5,001–10,000 112 20.63% 1,076,000 0.72%
10,001–50,000 319 58.75% 8,644,000 5.76%
50,001–100,000 35 6.44% 2,841,000 1.90%
Greater than 100,000 43 7. 9 2 % 137,269,000 91.51%
Total 543 100.00% 150,000,000 100.00%
SUBSTANTIAL PRODUCT HOLDERS AT 31 MARCH 2021
ShareholderRelevant interest
Karori Capital Limited
1
48,680,000 9.74%
Hickman Family Trustees Limited
2
, Kevin James Hickman and Joanna Hickman
3
, Warren Bell
4
, John
Lindsay Holland
4
33,000,000 6.60%
A total of 500,000,000 ordinary Ryman shares were on issue as at 31 March 2021 (the only voting products on issue).
1 A substantial product holder notice was lodged on 11 December 2020 showing the transfer of legal holding of 48,680,000
shares from Geoffrey A Cumming to Karori Capital Limited.
2 Held as trustee of The Hickman Family Trust.
3 Joint holders of 100 percent of the shares in, and directors of, Hickman Family Trustees Limited, and beneficiaries of
The Hickman Family Trust.
4 As independent directors of Hickman Family Trustees Limited and associated voting provisions attached to the shares (alongside
the other directors of Hickman Family Trustees Limited).
ANNUAL REPORT 2021
155
We would like to thank all
Rymanians who contribute
so much every day
Aachal Gautam · Aakanksha Abrol · Aakriti Aakriti · Aaron Brown · Aaron Edwards · Aaron Enriquez
· Aaron Essenberg · Aaron Eyles · Aarti Rawat · Abbe King · Abbey Bray · Abbey Mason · Abbey
Santos · Abbie Windsor · Abby Fernandez · Abby Power · Abhijot Kaur · Abhishek Vashisht · Abigael
Bagaygay · Abigail Gacutan · Abigail Gumban · Abigail Ibanez · Abigail Passmore · Abigail Webb ·
Able Mathew · Ace Somosot · Achaal Prakash · Adalia Campbell · Adam Allan · Adam Joyce ·
Adam Young · Adele Jacobs · Adele Lings · Adele Wood · Adeline Plamenco · Adheesha Perera ·
Adi Sakiti · Adnan Mahamud · Adriana Draganidis · Adrianna Pavlekovic · Adrianne Tate · Adrienne
Marsh · Adrienne Sincock · Adrienne Todd · Adrienne Wadham · Aela Manabat · Aez Pega · Afroz
Sreekandh · Aga Gonzales · Agata Zieba · Aggie Butler · Agitha Joseph · Agnes Cuanan · Agnes
Lakner · Agnes Wallace · Agustine Affandi · Ahmed Naji · Ai Kikuchi · Aida Cachuela · Aidan Mills ·
Aik Eng · Aila Tan · Ailen Gaw · Ailen Luste · Ailyn Estopace · Ailyn Muyano · Aimee Bell · Aimee
Court · Aimee Horsefield · Aimee McKendry · Aimee Verran · Aimee Wright · Aimi Tsunekawa ·
Ainslee Buchanan · Aira Quijano · Aiza Amongo · AJ Lasaca · Ajay Gautam · Ajay Philip · Ajay Singh
· Ajesh Mankayill Avarachan · Ajo Jose · Akhil Viswambharan · Akhila Antony · Akku Thomas ·
Aklima Akter · Aku Acharya · Al Lim · Aladina Durian · Alan Wood · Alana Ferguson · Alana
Sanderson · Alana Wallace · Alana Watson · Alanah French · Alannah Smith · Alastair Joyce ·
Alastair Ryall · Albie Calope · Aldrin George · Alefina Baleisuva · Aleisha McDonald · Alena
McCulloch · Alena McKenzie · Aletta Beneke · Alex Brasic · Alex Cagalitan · Alex Carter · Alex
Fausett · Alex Lopez · Alex Mallon · Alex Mathew · Alex McNeillie · Alex Pope · Alex Purcell · Alexa
Alcantara Claudio · Alexis Popovic · Algine Ingking · Ali Amin · Alias Kurian · Alice Jones · Alice
McDuff · Alice Peram · Alice Stevens · Alice Tao · Alice Vargas · Alicia Prima · Alina George · Alina
Jose · Alisha Alex · Alisha Aliperio · Alisha Poudel · Alisha Ward · Alison Kelly · Alison Naylor · Alison
Westoby · Alison Winstanley · Alister Safaei · Alix Fabi · Aljie Famulagan · Alka Thakur · Allan Brown
· Allan Dempsey · Allan Macala · Allan Murillo · Alleah Munoz · Allen Lee · Allison Doak · Allison
Murphy · Alma Azarcon · Alma Cagalitan · Alma Eparaima · Alma Ramirez · Alma Sicat · Almira
Beniasan · Alona Wandas · Alpho George · Alphonsa George · Alphy Thankachan · Alphy Thomas ·
Althea Santos · Alvin Campbell · Alwin Jose · Aly Procter · Alyse Hill · Alyse Hurley · Alysha Russell
· Alyshia Kemper · Alyssa Apacible · Alyssa Jerusalem · Alyssa Saljay · Amal Sunil · Aman Balassi ·
Aman Kaur · Aman Kaur · Aman Kaur · Aman Kaur · Aman Kaur · Aman Kaur · Aman Kaur · Amanda
Beauchamp · Amanda Bell · Amanda Brocklebank · Amanda Gilbert · Amanda Goudie · Amanda
He · Amandeep Dhillon · Amandeep Kaur · Amandeep Sidhu · Amanpreet Kaur · Amanpreet Kaur ·
Amar Kaur · Amber Aguilar · Amber Bottomley · Amber Howard · Amber McKenzie-Takau · Amber
Parkinson · Amber-Lee Kelliher · Ambika Kolanji · Ambily Abraham · Amelia Ong · Amendra
Samantilake · Ami Reid · Amiel Ubarra · Amit Khanchi · Amit Patel · Amita Prasad · Amita Vyas ·
Amith Sabu · Amol Adhokar · Amrit Kaur · Amrit Kaur · Amrit Kaur · Amrita Raj · Amy Amtman · Amy
Bishara · Amy Blandford · Amy Buck · Amy Carpenter · Amy Duncan · Amy Flood · Amy Gagasa ·
Amy Hii · Amy Irwin · Amy Mian · Amy Morris · Amy Morrison · Amy Power · Amy Reive · Amy
Richardson · Amy Shen · Amy Thornton · Amy Yin · Ana Fangupo · Ana Hintay · Ana Illaventhan ·
Ana Leite · Ana Moala · Ana Savou · Ana Marie Salibay · Anabel Konigstorfer · Analyn Irorita · Anan
Du · Anande Botha · Anastazya Forde · Anchal Sharma · Anchitha George · Andre Battrick · Andre
Kassal · Andrea Adams · Andrea Ansell · Andrea Burgos · Andrea Butler · Andrea Gaskell · Andrea
Hills · Andrea Latoa · Andrea Manuel · Andrea Marr · Andrea Pangan · Andrea Smith · Andrea Stout
· Andrei Pirlea · Andres Reble · Andresa Mendes Teles · Andrew Crerar · Andrew Cullen · Andrew
Gibson · Andrew Goldfinch · Andrew Hayward · Andrew Heels · Andrew Hilbert · Andrew Hill ·
Andrew Hughes · Andrew Inch · Andrew Jones · Andrew Knewstubb · Andrew Maglangit · Andrew
Moulding · Andrew Otto · Andrew Quezon · Andrew Searancke · Andrija Vuksa · Andy Battersby ·
Andy Clarke · Andy Heap · Andy Martin · Andy OBrien · Andy Reid · Andy Singh · Ane Pulou · Aneely
Bhatt · Aneesh Kattikatt George · Ange Dickson · Ange Knibb · Angel Augustine · Angel Jose · Angel
Mendoza · Angel Montanez · Angela Aballog · Angela Barraclough · Angela Ferguson · Angela
Gower · Angela Hayes · Angela Kimber · Angela MacKay · Angela McMeekin · Angela O’Connor ·
Angela Ravlich · Angela Redgewell · Angela Simpson · Angela Stewart · Angeli Suson · Angelica
Araiza · Angelica Moreno Baumann · Angelica Ona · Angelina Adams · Angelina Bostrovas ·
Angelina Taiaroa · Angelique Roberts · Angelo Trabado · Angie Cope · Angie Sidhu · Ani Tuilau ·
Anika Snell · Anish Anto · Anisha Chaudhary · Anisha Walker · Anishma Raj · Anit Dominic · Anita
Bhusal Banjade · Anita Chapman · Anita Dayal · Anita Devi · Anita Devi · Anita Farmer · Anita Smith
· Anitha Paul · Anitha Shijan · Anja Thorne · Anjali Manoj · Anjali Mitra · Anjana Lama · Anjana Paul ·
Anjani Chaudhary · Anjani Suresh · Anjelyn Pocession · Anjila Shrestha · Anju Keenan · Anju
Malakunnel Isac · Anju Sajan · Anjumol Saju · Ankita Joshi · Ankitaben Patel · Ann Beom · Ann Brady
· Ann Cuaresma · Ann Dombroski-Scheliin · Ann Fernando · Ann Joy · Ann Lee · Ann Martin · Ann
Mongcal · Ann Moorman · Ann Olbinado · Ann O’Neill · Ann Sebastian · Ann Vo · Ann Wongchan ·
Ann-Maree Vincent · Ann-Marie Innes · Anna Benadie · Anna Casaje · Anna Chin Daclan · Anna
Claridge · Anna de Jager · Anna Groome · Anna Hill · Anna Johnson · Anna Lai · Anna Maharjan ·
Anna McCorkindale · Anna Ormsby · Anna Ouyang · Anna Pochron · Anna Scott · Anna Smith ·
Anna Thomson · Anna Trushin · Anna Woodwiss · Anna-Lee Lyons · Annabel Arcipe · Annabel
Macdonald · Annabel Sharp · Annabelle March · Annabelle Payne · Annamay Toa · Anne Cameron
· Anne Cantos · Anne Flint · Anne Hall · Anne Hovell · Anne Kenna · Anne Larita · Anne O’Donnell ·
Anne Somarathne · Anne Streatfeild · Anne Verano · Anneke Van Straaten · Annette Adams ·
Annette Holdaway · Annette Hollis · Annette Jeffares · Annette Lawrence · Annette Molloy ·
Annette Rains · Annie Armstrong · Annie Bruce · Annie Craike · Annie Dao · Annie Eunson · Annie
Glossop · Annika Lindquist · Annmarie Fernando · Annu Gaur · Anoma Gunaratne · Anshal Hussain
· Anshu Singh · Ansilin Tressa Siby · Ansu Anna Varkey · Ansu Babu · Anthea Gernetzky · Anthea
Johnson · Anthea Lemberiadis · Anto Sundaram · Antoinette Morgan · Anton Reble · Antonette
Asuncion · Antonio Lavin Delgado · Anu Aloysius · Anu Baby · Anu Gill · Anu Karthika
Reghunathapanickar · Anu Kumar · Anu Pathirage · Anu Paul · Anu Raju · Anu Samuel · Anu
Sebastian · Anu Xavier · Anuja Kunwar · Anuja Shrestha · Anuradha Shrestha · Anusha Peddina ·
Anusha Vikram · Ao Fuifui · Aom Mahem · Api Arpanpreet · Api Lacanivalu · Apple Uy · April
Agpalasin · April Deraja · April Lacson · April Ladia · April Mahuika · April Morillo · April Nino · Arahia
Wilson · Archa Rajan · Archanau Devi · Arge Colado · Argie Forteza · Argielyn Sanchez · Ariana
Guerin · Ariana Thompson · Ariane De La Pena · Arianne Alzaga · Aribo Timaai · Arieta Bebenisala
· Arieta Faalau · Arishma Arti · Arjun George · Arleen Kaur · Arlen Evangelista · Arlene Simadari ·
Arlene Smart · Arlet Anastasia · Arma Dacyon · Armie Estevez · Armie Magcale · Aroha Marumaru
· Aroha Ngatuere · Arpana Khadka · Arraminda Ariate · Arthur Keane · Arti Bhan · Arti Devi · Arti
Karan · Arti Kumar · Arti Patel · Arti Prakash · Artika Lata · Artika Naidu · Arun James · Aruna
Prakash · Aruna Reddy · Arvin Singh · Arvin Treebhowan · Arzoo Utreja · Asa Porter · Asfeen Khan
· Ash Devi · Ash Hape-Tonihi · Ash Kant · Ash Prasad · Asha Babu · Asha John · Asha Kiran · Asha
Mariyarasa · Asharif Rahman · Ashika Chand · Ashika Mandri · Ashika Singh · Ashim Singh ·
Ashishni Goundar · Ashka Patel · Ashleigh Griffiths · Ashleigh Kavanagh · Ashleigh Scown · Ashley
Campbell · Ashley Dacyon · Ashley Gray · Ashley Kearney · Ashley Son · Ashley Willis · Ashmita
Lata · Ashnee Prakash · Ashupreet Kaur · Ashvin Mendonca · Ashween Singh · Ashwina Ashwina ·
Ashwindar Kaur · Ashwini Naicker · Asma Akram · Asmita Bhandari · Asmita Hirachan · Asmita
Nepali · Asmita Rai · Asset Galeno · Asti Suliastari · Aswathy Padmanabhan · Aswathy Sreedas ·
Aswathy Thulaseedharansheela · Atani Chwa · Atawhai Reweti · Ateliana Ah Kuoi · Athena
Tangonan · Athulya Jestin · Athulya Rakesh · Athulya Thankappan · Atiesha Harris · Atin Suprihatin
· Atish Suresh · Aubrey Uri · Audrey Filgate-Davis · Aurora Catu · Aurora Orogo · Ava McFadgen ·
Avrill Burchell · Avrisha Singh · Awanui Tangiia · Awhina White · Axis Donato · Axl Funtila · Ayako
Oyama · Ayesha Bashir · Ayomee Wanninayaka · Aysha Ideris · Ayteya Lopez · Ayu Hardy · Ayumi
Maruyama · Ayumi Sato · Azel Ramos · Azumi Kemmotsu-Watt · Ba Sigola · Babita Baluri · Bailey
Coombs · Bailey Trotter · Balbir Ghuman · Baljeet Kaur · Baljinder Kaur · Baljit Kaur · Balpreet Kaur
· Bano Tasheem · Barbara Barker · Barbara Federico · Barbara Large · Barbara Turnbull · Barbie
Bickerton · Barry Ria · Barsha Timalsina · Bawi Siar Ling · Bayley LuuTomes · Beata Buchajczyk ·
Beauty Chua · Bebien Montecillo · Becca Fafeita · Becca Thomas · Beck Little · Beck Wilkins ·
Becks Dell · Becky Gillanders · Becky Moore · Becky Payne · Becs Thompson · Bedi Thapa · Bee
Weiss · Belinda Bargh · Belinda Gonzales · Belinda Greenwood · Belinda Madriaga · Belinda Petitto
· Beloved Vai · Ben Bowles · Ben Campbell · Ben Chesler · Ben Dass Shrestha · Ben Garner · Ben
Hungerford-Morgan · Ben Jordan · Ben Miller · Ben Munro · Ben Walshe · Benita Edwards · Benita
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Philip · Bibin Vijayan · Biddhya Gurung · Bien Padilla · Bijo Mathew · Bill Jin · Bimala Galaju · Bimala
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Lee · Brad Thomas · Brandi Ireton · Brando Bartolome · Brandon Paul · Breanna Woolley · Brechell
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Hobbs · Brenda Schroeder · Brendan Joicey · Brendan Sammut · Brenden Moore · Brent Lee · Brent
Maru · Brent Morfett · Brent Sweeney · Brett Johnson · Brian Bark · Brian Robinson · Brian Tidey ·
Brian Ward · Bridget Bisset · Bridget Lyons · Bridgette des Landes · Brieanna Hobbs · Briee
Robinson · Brin Downie · Bristy Jahan · Brittany Cottam · Brittany Francis · Brittany Jeffcott-Moore
· Brittany Kerebs · Brodie Hewitt · Brodie McPhail · Bronnie Carston · Bronwyn Barry · Bronwyn
Thomas · Brook Spedding · Brooke Henderson · Brooke Muirsmeath · Brooke Roberts · Brooke
Tainui · Brooke Tyler · Bruce Andrews · Bruce Court-Patience · Bruce Hodge · Bruce Hudson ·
Bruna Manduci · Bryan Bolong · Bryan Giray · Bryan Manlangit · Bryant Fernandez · Bryce Rae ·
Brydie Baxter · Bunny Balane · Byron Schreuder · Caelan Hill · Cairo Wilson · Caitlin Bartlem · Caitlin
Couling · Caitlin Fleming · Caitlin Foster · Caitlin Thomas · Caitlyn Cole · Caleb Lepper · Callum
MacLean · Callum Morrish · Cam Holland · Cameron Scott · Camila West · Camille Reyes · Camille
Santos · Campbell Elliott · Candice Camingawan · Candy Martin · Cara Floreza · Cardona Castro ·
Carina Toscano · Carl Arnst · Carla Barnard · Carla Dela Cruz · Carla Eser · Carla Jones · Carla
Lofredo · Carla Mantella · Carly Peek · Carmel Marino · Caro Swanston · Carol Bothamley · Carol
Dadivas · Carol Duke · Carol Kay · Carol Luttrell · Carol Mathias · Carol Restrepo Ledesma · Carol
Toohill · Carola Acevedo · Carole Quickfall · Carolina Russi Serrato · Caroline Hart · Caroline Kean ·
Caroline Martin Salas · Caroline Nyo Nyo Aye · Caroline Potgieter · Caroline Reyland · Caroline
Skegg · Caroline Topia · Carolyn Bovey-Brown · Carolyn Delugar · Carolyn Faloon · Carolyn
Greenaway · Carolyn Grogan-Tinney · Carolyn Lennox · Carolyn MacDonell · Carolyn Mulder ·
Carolynn Aicken · Carolynn Phillips · Carrie Duncan · Carroll King · Casey Cowley · Cassandra
Osborne · Cassandra Wallis · Cassidy McMillan · Cassidy Woods · Cassie Chen · Cassie Scaife ·
Cassie Stephens · Cassim Nawaz · Cath Magbaton · Cath Seguan · Catherine Bunting · Catherine
Cordwell · Catherine Jalbuena · Catherine King · Catherine McKellar · Catherine Piastro · Catherine
Ramos · Catherine Scullin · Catherine Wright · Cathley Balaan · Cathy Byrne · Cathy Lata · Cathy
Malone · Cathy Morris · Cathy Stevenson · Cathy Watkins · Cathy Yang · Cecilia Hansson · Cecilia
Huet · Cecilia Nguyen · Cecille Winspear · Ceena Jacob · Cel Amante · Cel Padayogdog · Celeste
Boonzaaier · Celeste Payne · Celeste Wallbank · Celly Wilson · Celthea Yu · Cha Juco · Chakri
Siluveru · Chamara Hettiarachchige · Chami Mannage Dona · Chan Manuel · Chanel Kisina ·
156
RYMAN HEALTHCARE
Chanpreet Kaur · Chantal Atngag · Chantal Guiguit · Chantal Kennedy · Chantel Paul · Chantel
Pilcher · Chantelle Hand · Chantelle Hocking · Charan Dhillon · Charie Paytocan · Charith
Ruwanpathirana · Charlene Lardizabal · Charlene Serino · Charlene Tabigne · Charles Bushell ·
Charles Han · Charles Hannaford · Charles Serino · Charlie Dennis · Charlie Johnson · Charlie Uy ·
Charlotte Baker · Charlotte Bullock · Charlotte Scragg · Charlotte Senining · Charlotte Turner ·
Charlyne Casil · Charmae Golosino · Charmagne Castillo · Charmaine Cabalagnan · Charmaine
Infante · Charmaine Lim-Capendit · Charmaine Smith · Charmaine Staines · Charmaine Tan ·
Charmaine Urbano · Charmaine Volschenk · Charmayne Clarke · Chau Bui · Chayle Argallon · Chea
Fraser · Chee Chang Ho · Chelcei Ninal · Chell Biato · Chelsea Gray · Chelsea Hill · Chelsea Hodgson
· Chelsea Ngamotu · Chelsea Richdale · Chelsea Woolf · Cherie Brosnan · Cherry Casama · Cherry
Gallego · Cherry Lagare · Cherry Quiros · Cherry Ramel · Cherry Taleno · Cherry Venegas · Cherryl
Bauzon · Cheryl Alba · Cheryl Buchanan · Cheryl Damatac · Cheryl Jackson · Cheryl Lopez · Cheryl
Roach · Cheryl Rom Liu · Cheryl Zhang · Cherylene Fatupaito · Cherylynn Stevenson · Chessie Yap
· Cheyenne Flockton · Cheyne Chalmers · Chhiring Lama · Chi Zhao · Chikaina Makatea · Chike
Seguban · Chinchu Boban · Chinju Paul · Chit Escalon · Chitra Devi · Chitt Fajardo · Chiyori Yasu ·
Chloe Fitzgibbon · Chloe Gao · Chloe Hollows · Chloe Perez · Chris Ackerman · Chris Ashton · Chris
Baet · Chris Balanci · Chris Beckett · Chris Bull · Chris Camm · Chris Caselton · Chris Church · Chris
Combrink · Chris Corriea · Chris Dias · Chris Dombroski · Chris Downes · Chris Evans · Chris Hall ·
Chris Harwood · Chris Henry · Chris James · Chris Jobe · Chris Keilty · Chris Ngataierua · Chris
Parker · Chris Saxon · Chris Sinclair · Chris Storer · Chris Sutton · Chris Tunbridge · Chris Wright ·
Chrissy Atkins · Chrissy Macpherson · Chrissy Mathews · Chrissy Nkya · Chrissy Smith · Chrissy
Stanton · Chrissy Telekesi · Chrissy Thompson · Chrissy Toa · Christe Capisnon · Christeen
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Christina Potgieter · Christina Reed · Christine Buck · Christine Clarke · Christine De Leon ·
Christine Dhariwal · Christine Han · Christine Hawley · Christine Hill · Christine Javier · Christine
Kwiatkowski · Christine Labiton · Christine Langley · Christine Liclican-Coloma · Christine
McCurdy · Christine Miller · Christine Pauling · Christine Primrose · Christine Tubio · Christine
Tweedie · Christine Voller · Christine Wang · Christine Ann Elizalde · Christo Paulraj · Christopher
Singer · Christy Solina · Chu Kohlman · Chu Templa · Chummy Madarieta · Cindy Cao · Cindy
Evangelista · Cindy Hou · Cindy Le Hur · Cindy Phillips · Cindy Velasquez · Cintia de Camargo · Ciska
McGrath · CJ Barcelona · Claire Bate · Claire Daunivavana · Claire Farrell · Claire Flanagan · Claire
Harris · Claire Mooiman · Claire Park · Claire Watt · Claire Whitfield · Clara Chiong · Clarace Codyre
· Clare Bower · Clare Burgess · Clare Glasspool · Clare Manders · Clare McKone · Clarissa Alojado ·
Claudete Silva · Claudette Simmer · Claudia May · Claudia Permatasari · Claudia Rogers · Claudia
Rueda De La Serna · Claudine Nair · Claudine Uy · Clem Von Ellerts-Martinoli · Cliff Lasmarias ·
Clinton Palmer · Coco Prak · Colin Butler · Colin Caldwell · Colin Cameron · Colin Habgood · Colin
Vose · Colleen Johnson · Colleen McCann · Colleen Watson · Collette Backhouse · Collette Gordon
· Colm Boyle · Comaneci Ong · Con Ciobanu · Con Van Niekerk · Conie Pulgao · Connie Fernandez ·
Connie Tagle · Connor Sim · Cora Jambalos · Cora Van der Heul · Coralea Potgieter · Coralie Vine ·
Coralize Legge · Correen Steyn · Corrine Belencion · Corrine Fernando · Corrine Gillan · Corrinne
Cooper · Cory Bryan · Courtney Skene · Courtney Taylor · Courtney Trautvetter · Craig Atkinson ·
Craig Buist · Craig Dixon · Craig Gibbons · Craig Pascoe · Cris Viernes · Criselda Agbayani · Crish
Landiza · Cristal Lozada · Cristel Carter · Cristina Alejandro · Cristina Corre · Cristina Uy · Cristine
Bayliss · Crystal Payne · Crystal Saldanha · Csilla Feherne Kincses · Cushla Manaia · Cyd
Maclachlan · Cym Seguan · Cynthia Bunag · Cynthia Humphreys · Cynthia Mercado · Cynthia
Soriano · Cyril Balloso · Cyrus Vallecera · Czarina Ederango · Czhanna Dayo · Dada Dayrit · Dafydd
Evans · Dahlia Bontilao · Dainah Magonde · Daisy Duka · Dale Basinal · Dale Bell · Dale Burton · Dale
Whearty · Daly Anna Devasia · Daman Kaur · Damani Lata · Damian Forde · Damith Amarathunga ·
Dan Bromley · Dan Domalanta · Dan Liu · Dan Pega · Dan Reid · Dan Vajc · Dana Bilous · Danae
Shipston · Danelle Franklin · Danessa Cuyno · Dani Bartle · Dani Basilan · Dani Bonoan · Danica Little
· Daniel Bakht-Khosh · Daniel Halengo · Daniel Knell · Daniel Mulcahy · Daniela Aguilar Felix · Daniela
Diederichs · Daniela Restrepo · Danielle Jeffery · Danielle Moran · Danielle Newton · Danielle Numan
· Danielle Steer · Danielle Tweed · Danilly-Rose Simpson · Danni Wood · Dannie Digiandomenico ·
Danny Burns · Danny Connery · Darlene Ross · Darnell Bonita · Darren Hicarte · Darren Jago · Darrin
Findlay · Darsana Ram Bindu · Darshan Patel · Daryl Dominguez · Daryl Page · Dashan Kaur · Dati
Sherpa · Dave Clearwater · Dave Cooper · Dave Cronin · Dave Murrell · Dave Pogson · Dave
Robertson · Dave Sevilleno · Dave So · Dave Wand · Dave Wu · David Baker · David Ballouz · David
Bennett · David Cartwright · David Datoy · David de Veth · David Gibson · David Herrera-Rodriguez
· David Kenny · David King · David Laing · David Macdonald · David Mahony · David Nevin · David
Oldham · David Ravenscroft · David Swann · Davinna McDonald · Davis Thadathil · Davu Deol ·
Dawn Hunt · Dawn White · Dawn Yrigollen-Hammond · Dawny Thomas · Daylinda Durango · Dayna
George · Dealia Long · Dean Jackson · Deanna Glasson · Deb Habershon · Deb Ray · Deb
Richardson · Deb Smith · Debbie Austin · Debbie Bontuyan · Debbie Bridger · Debbie Buchanan ·
Debbie Chapman · Debbie Dixon · Debbie Edwards · Debbie Espartinez · Debbie Fraser · Debbie
Gemmell · Debbie Gray · Debbie Hartley · Debbie Hicks · Debbie Horne · Debbie Kennedy · Debbie
Knight · Debbie Komarkowski · Debbie Lin · Debbie Mindoro · Debbie Ogden · Debbie Quennell ·
Debbie Rountree · Debbie Smith · Debbie Wells · Deborah Forde · Deborah Ibale · Deborah Swingler
· Debra Goodman · Debra Stone · Debs Smith · Declan Rhodes · Dedeh Karyati · Dee Broad · Dee
Dilhani · Dee Mantell-Harding · Dee Nadan · Dee Yonzan · Dee Lal Lal · Deep Kaur · Deepa Bhandari
G C · Deepa Lohala · Deepa Magar · Deepa Sudhakaran · Deepak Aggarwal · Deepani Hewa
Batagodage · Deepankshi Deepankshi · Deepika Saudiyal · Deepika Wijesekara · Deeviya Patel ·
Deidre MacGregor · Del Wellington · Del Whitehouse · Delia Espenido · Denice Jamieson · Denis
Goodwin · Denis Marra · Denise Boese · Denise Carppe · Denise Cunniffe · Denise Greenbank ·
Denise Hutchison · Denise Laney · Denise Martin · Denise Scott · Denise Thompson · Denisse
Valdrez · Dennis Chireshe · Dennis De Leon · Dennis Frazer · Denzel Bonifacio · Deotheny Arenajo ·
Derek Gibbs · Derek Greening · Desirie Diwa · Desley Lawrence · Destinee Duthie · Dev Little · Devi
Nagalingam · Devika Naidu · Devika Reddy · Devon Eastlake · Devon Maurice · Dewi Astuti · Dewshi
Wittachchi Koralage · Dhang Navarro · Dhanju Rana · Dhanya Dominic · Dhanya Francis · Dhanya
Lukose · Dhara Patel · Dhruvi Shah · Di George · Di Lister · Di McKenzie · Di Sinclair · Di Tahi · Di
Tarling · Diana Brown · Diana Cleveland · Diana Ettema · Diana Hanafin · Diana Keith · Diana
Kozlowski · Diana Maiquez · Diana Narulita · Diana Nicolescu · Diana Plesovs · Diana Sian · Diane
Anderson · Diane Brown · Diane Evans · Diane Headifen · Diane Smiler · Diane Smith · Diane Taylor
· Diane Vergara-Galang · Dianna Alexander · Dianne Amolong · Dianne Austin · Dianne Burgess ·
Dianne Casimiro · Dianne Daniels · Dianne Dona · Dianne Durham · Dianne Kei · Dianne Melhuish ·
Dianne Newton · Dianne Rosado · Diedri Bates · Diksha Mainh · Dilpreet Kaur · Dilpreet Kaur · Dina
Fitria · Dina Garcia · Dinithi Medagedara · Dipal Patelia · Dipika Dipika · Disha Gandhi · Dishna
Karunarathna · Divina Cruz · Divya Chauhan · Divya Sebastian · Diya Baby · Dolly Alekar · Dolor
Raposas · Don MacKay · Donah Cagalawan · Donald Ferguson · Donald Pool · Donna Barnes ·
Donna Bradford · Donna Campbell · Donna Dael · Donna Dungey · Donna Flaws · Donna Garcia ·
Donna Gonzales · Donna Holmes · Donna Lewis · Donna Munoz · Donna Rose · Donna Summerfield
· Donnelle Dean · Dora Martinez-Velandia · Doreen Dacanay · Doreen Kumar · Doreen Lata · Doreen
Maha · Doreen Narayan · Dorothy Belleza · Dorothy Harris · Dorothy Kudinha · Dorothy Withers · Dot
Luna · Dot Wright · Dottie Abuyabor · Doug Holt · Dovie Villalobos · Dragan Mitrevski · Drew Oakley
· Dronah Villarino · Dulari Withana Ranasinghe · Duncan Phillips · Dustin Dominic · Dwi
Wangsawidjaja · Dylan Bell · Dylan Geldard · Dylan Sharma · Earl Te · Eda Galias · Eddie Deo · Eddie
Ovansian · Eddie Parker · Eddie Tandy · Eden Dawson · Edgar Condino · Edgar Mamaril · Edgardo
Blaya · Eduard Bradley · Edvard Tanzo · Edward Paterson · Edwina Hutchings · Edy Sayson · Egroeg
Orlino · Eileen Kielty · Eileen Welford · Eileen Wu · Eina Campos · Ekta Sharma · Elaine De Leon ·
Elaine Galbraith · Elaine Hubbard · Elaine Luay · Elaine Marsh · Elaine Mulholland · Ele Bibby · Eleana
Nash · Eleanor Gaffley · Eleanor Lee · Eleanor Reo · Eleen Kee · Eleeza Jilson · Elena Braza · Elena
Delector · Elena Kubesh · Eleni Heaven · Eleni Meimaris · Eleonor Moral · Elesha Clark · Elia Mia ·
Eliane Machado · Elina Rajie · Elina Yang · Elisel Valoria · Eliseo Lapus · Eliza Thapaliya · Elizabeth
Caboverde · Elizabeth Dibanadane · Elizabeth Hunter · Elizabeth Okanga · Elizabeth Okpaleke ·
Elizabeth Sellick · Elizabeth Sunny · Elizabeth Waghorn · Eljo Joseph · Ella Brownrigg · Ella Dan-
Lualua · Ella Griffin · Ella- Rose Henderson · Ella-Rose Knowles · Elle Coker · Ellen Baguip · Ellen
Cribb · Ellen Encarnacion · Ellen Ganzon · Elleni Emmanouel-Christo · Ellie Wilson · Ellora Santos ·
Elly Brown · Elma Reoma · Elmer Carreon · Eloisa Obnial · Eloise Viscarra · Elona Walker · Elsa
Marneweck · Elsie Lovell · Elsie Pablo · Elsie Warriner · Elva Latonio · Elvira Gomez · Elvira Tangonan
· Ely Masil · Emalyn Prosia · Emelita Cagas · Emilie Field · Emily Brooke · Emily Burgess · Emily Chen
· Emily Hayward · Emily Joyce · Emily Langdon · Emily Li · Emily Lingard · Emily Lond · Emily Narawa
· Emily Palamountain · Emily Truong · Emily White · Emily Xi · Emma Baker · Emma Begg · Emma
Coles · Emma Cumberbeach · Emma Eason · Emma Hanley · Emma Harper · Emma Harrison ·
Emma Hibbert · Emma Hogan · Emma Holder · Emma Hope · Emma Kielty · Emma Knott · Emma
Lim-Yip · Emma McLeod · Emma Ngoc · Emma Raho · Emma Reardon · Emma Reece · Emma
Saquiban · Emma Scott · Emma Singh · Emma Tarunge-Wasi · Emma Theochari-Mitchell · Emma
Waetford · Emma Webb · Emman Galve · Emmy Dolotina · Ena Pastrana · Entani Naidu · Eric Demo
· Eric van Diggele · Erica Bacasen · Erick Abille · Ericka Sauquillo Adoyo · Erik Homena · Erin Lu · Erin
Pole · Erin Woodcraft · Ernesto Espiritu · Esmie Gonzaga · Esteban Llano · Estela Garcia · Estela
Guiao · Estelle O’Neil · Estelle Ramtano · Ester Da Rosa · Esther Cole · Esther Curtis · Esther Gupana
· Esther Hukui · Esther Kingi · Esther Lawangen · Esther Lin · Esther Mulligan · Esther Zvenyika ·
Ethan McCarthy · Ethan Prentice · Ethan Turner · Ethel Mondarte · Eti Aunese · Eugene Ortile ·
Eugenie May · Eunika Reinecke · Eurita Balazo · Eva De Jong · Eva Kubala · Eva Mago · Eva Schilder
· Evanya Fraser-Le’au · Eve Espanta · Eve Ojales · Evelinda Elan · Evelyn Booth · Evelyn Cadzow ·
Evelyn Calaunan · Evelyn Doropa · Evelyn Espina · Evelyn Ritchie · Ewa Jasinska · Ey-Ey Reyes · Ezra
Erueti · Faamanu Simeona · Faamanu Smith · Faeona Wallace · Fair Rupal · Faith Fawcett · Faith
Sakalia · Fallon Eynon · Fana Raveora · Fang Zhou · Fara Naicake · Farah Abuyabor · Farah Ali ·
Farida Shilpi · Farisha Begum · Farishta Samadi · Farron Moke · Farzana Begum · Farzana Bi ·
Faseela Thodi · Fatemeh Khorami · Fatima Hima · Fay Lilley · Fay Ramirez-de Jong · Faye Taylor · Fe
Asinas · Fe Cuevas · Fe Taganas · Fefiloi Tausi · Felicity King · Felis Pael · Felix Lacerna · Felix Tso ·
Felmi Thomas · Fely Magpantay · Ferdi Roncal · Fern Tanoi · Finau Kafoa · Fincy Francis · Fiona Dube
· Fiona Justine · Fiona Kingi · Fiona Le Gros · Fiona Quinn · Fiona Rolland · Fiona Scotland · Fipe
Lama · Fletcher Olsen · Floey Limjoco · Flor Anasarias · Flora Torres · Florance Nikeeta · Floren
Guira · Florence Esteban · Florence Taylor · Fonda Burt · Fran Denton · Fran Knapman · Fran Spitzer
· Frances Bingham · Frances Twaalfhoven · Francesca Kidd · Francie Cappleman · Francine
Palendeng · Francis Abrigo · Francis Almendra · Francis Caluya · Francis Deferia · Francis Delia ·
Frank Ryan · Frank Wang · Franklin Laban · Fransiska Aren · Franz Sale · Fred Cleaver · Freda Chase
· Freda Raptopoulos · Freda Van Schouten · Freddy Akkara · Frelyn Acuzar · Fritz Lozano · Frozan
Azizi · Gab Pontanos · Gabby Barnett · Gabby Da Rosa · Gabby Whall · Gabriel D’Alberto · Gabriella
Schulz · Gabrielle Raife · Gaby Maniloff · Gael Barthelet · Gael Coory · Gagan Kaur · Gagan Kaur ·
Gagan Kaur · Gagan Kharoud · Gagan Malhi · Gagandeep Kaur · Gagandeep Kaur · Gaganpreet
Kaur · Gagneet Kaur · Gail Brown · Gail Castro · Gail McGuinness · Gail Miller · Gail Oats · Gail
Sangiorgio · Gail Te Au · Galina Shipina · Gamage Priyangika Sandamali · Ganga Mati · Gareth Salt ·
Garlett Ceniza · Garry Bott · Garry Dhall · Garry Singh · Garry Singh · Gary Cox · Gary Robinson ·
Gary Stewart · Gary Sutcliffe · Gavin Lucas · Gavin Till · Gay Benabaye · Gay Libatog · Gay Ordonio
· Gayani Welikala · Gayathri Kahawidanalage Dona · Gayathri Kumar · Gayleen Watkins · Gaylene
Allen · Gaylene Downs · Gaylene Graham · Gaylene Hill · Gaylene Hutcheson · Geena George ·
Geetha Marupati · Gelyn Dalusag · Gem Evans · Gemeda Wesho · Gemma Fernandez Duck ·
Gemma Rolland · Gemma Tattley · Gen Baoa · Gen Bautista · Gen Cabarles · Gen McEwan · Gena
Agnes · Genalyn Arca · Genelil Gonzales · Generose Jocson · Geneveve Van Dooren · Genuine
Naniong · Geordie Dewhirst · George Mathew · Georgekutty Joseph · Georgia Berry · Georgia
Butler · Georgia English · Georgia Hopkins · Georgia Reeves · Georgia Ritchie · Georgia Sherlock ·
Georgia Smaill · Georgia Taylor · Georgia Thompson · Georgie Hamilton · Georgina Aitken ·
Georgina Syme · Gerald Estevez · Geraldine Kevill · Gerlie Navaja · Ghela Domalanta · Gihani
Chathurika · Gil Fielding · Gil Ona · Gilanne Natividad · Gilbert Romero · Gina Parkinson · Gina Salt ·
Gina Schenkel · Gina Villanueva · Gina Yan · Gino Magsino · Giovanna Falchi · Girley Pingol · Girlie
Stevens · Giroma Labradores · Gisha Chandy · Gladys Gaspar · Glaiza Alwit · Glaiza Bernardo ·
Glaiza Saul · Glen Thomson · Glenda Aggarao · Glenn Griffin · Glenn Matthews · Glenn McNickle ·
Glenn Scott · Glennis Kingi · Glenys Percy · Glenys Popenhagen · Glenys Stewart · Gloria Kavanagh
· Gloria Kawadza · Gloria Wardle · Glyn Jenkins · Glynn Pegarro · Glynnis Mackay · Gong
Padayogdog · Gordon Lambagan · Gordy MacLeod · Gorica Brasic · Goswin Kanta · Govind
Yelagani · GR Taala · Grace Aldridge · Grace Anacleto · Grace Arbitrario · Grace Bilagot · Grace
Blake · Grace Boyle · Grace Gubatan · Grace He · Grace Kamuhangire · Grace Kim · Grace Lubos ·
Grace Martinez · Grace Nathan · Grace Nieto · Grace Nochefranca · Grace Rennie · Grace Samuel
· Grace Tabut · Grace Tavara · Grace Tubo · Grace Wei · Grace Wilson · Graeme Thomson · Graeme
Wilson · Graham Beal · Grant Clayton · Grant Costello · Gray Mabasa · Greece Tade · Greema Paul
· Greeshma Susham · Greg Barclay · Greg Conquest · Greg Evans · Greg Giles · Greg Pearce · Greg
Small · Greta Kennedy · Gretch Tacuyan · Grishma Pudasaini · Guang Tian · Gul Kaur · Gunpreet
Tiwana · Gurjeet Kaur · Gurjit Kaur · Gurleen Kaur · Gurmeet Kaur · Gurneet Kaur · Gurpreet Dhillon
· Gurpreet Kaur · Gurpreet Kaur · Gurpreet Kaur · Gurpreet Kaur · Gurpreet Kaur-Gill · Gursharan
Kaur · Gursharan Kaur · Gurvinder Singh Mudhar · Gurwinder Kaur · Guy Warburton · Gwen Cajigas
· Gwen Ward · Habiba Neniel · Hadrian Sultan · Hailey Byun · Hailey Smith · Hamida Khan · Hamish
Kennedy · Hamish O’Neill · Hamish Owens · Hanan Alshbrawi · Hani Fatu · Hannah Apurillo · Hannah
Audas · Hannah Barlow · Hannah Barry-Goss · Hannah Bryan · Hannah Carter · Hannah Casia ·
Hannah Diaz · Hannah Espanola · Hannah Hamilton · Hannah Mackay · Hannah MacLean · Hannah
Martin · Hannah Mayol · Hannah McMurray · Hannah Riches · Hannah Shaw · Hannah Undan · Hans
Koman · Happy Nijjar · Harbhajan Kaur · Hardeep Kaur · Harish Uthirapathy · Harjeet Kaur ·
Harjinder Kaur · Harkamal Minhas · Harleen Johal · Harman Kaur · Harmonee Scott · Harparveen
Kaur · Harper Connolly · Harpinder Kaur · Harpreet Kaur · Harpreet Kaur · Harpreet Kaur · Harpreet
Kaur · Harpreet Kaur · Harpreet Kaur · Harpreet Kaur · Harpreet Khohar · Harpreet Pabla · Harry
Capacite · Harry Coronel · Harry Hemus · Harry Huynh · Harry Makhloga · Harry Purohit · Harry
Sampson · Harry Snell · Harry Tesorio · Harsha Kottarathil · Harshani Jayasinghe · Harsimran Kaur
· Harveer Kaur · Harwinder Kaur · Hash Devgan · Hashini Ekanayake · Hassel Sapanta · Havana
A’aifou · Hayden Beaton · Haylee Guy · Haylee Newport · Haylee Syverston · Hayley Berriman ·
Hayley Brown · Hayley Hendra · Hayley House · Hayley Jenkinson · Hayley Kluytmans-Smith ·
Hayley Mackintosh · Hayley Moreton · Hayley Sharp · Hazel Baliza · Hazel Dodunski · Hazel Guillen
· Hazel Magar · Hazel Watene · Hazella Abayan · Heather Adams · Heather Barnett · Heather Booth
157
ANNUAL REPORT 2021
· Heather Jury · Heather Maynard · Heather Parnell · Heather Seddon · Heather Sharp · Heather
Snodgrass · Heather Turney · Heather Tutaki · Heather Wallace · Heather Wilson · Heather Wooles
· Hebbe Xia · Hedda Viray · Heena Arora · Heide Barkman · Heidi Cartwright · Heidi Holm · Heidi
O’Reilly · Heike Voit · Heleen Webb · Helen Bailey · Helen Bridge · Helen Burnley · Helen Cowie ·
Helen Danielsen · Helen Davy · Helen Hayes · Helen Higgins · Helen Highcazony · Helen Mason ·
Helen Maxwell · Helen McKinnel · Helen Van Der Meys · Helen Wehipeihana · Helen Weston · Helen
Xu · Hellen Grenfell · Helly Shrimali · Hema Baldania · Hemal Patel · Henny Villaverde · Henry
Arunjaroen · Henry Davis · Henry Neo · Henry Stuart · Hepi Matapa · Hermie Nuqui · Hermie
Pabulario · Herminia Thompson · Hetal Pansuria · Hieu Lam · Hilary Freeth · Hilary Ward · Hilary
West · Hilary Westley · Hilda Dimalibot · Hildah Muthui · Hima Pauly · Himshikha Paneri · Hina
Veituna · Hine Kameta · Hiromi Mizushima · Hitkumar Patel · Hoani Brown · Hollee McKay · Hollie
Ruddick · Hollie Thomlinson · Holly Binnie · Holly Conway · Holly Duff · Holly French · Holly Gillett ·
Holly Grant · Holly Murrell · Holly Whitaker · Holly Wilson · Honey Arceo · Honey Duque · Honey Gill
· Honey Honey · Honey John · Honey Neilson · Honey Pagtanac · Honeylane Bautista · Hope
McKenzie · Hope Sakalia · House Yuan · Hua Chen · Hui Kian Chua · Huiling Lu · Hymavathi
Gantyada · Hyojoo Lee · Hyun Jun Yoon · Iain Doody · Iain Jagger · Ian Bell · Ian Corry · Ian Whyte ·
Ida Leimi · Ike Abellana · Ildiko Fibik · Ilthon Tomo · Indika Abeykoon · Indika Warnakula · Indu
Gounder · Indy Putri Trilford · Ine Wheeler · Inge Rickards · Ingrid Cagalawan · Ingrid Hurst · Ingrida
Jones · Inigo Holmes · Inno Chiu · Inoka Jayaweera · Inosha Hettiarachchi · Iosefo Bahn · Irene Burt
· Irene Domingo · Irene Jose · Irene Lee · Irene Morgan · Irene Rapa · Irene Yang · Iresha Jahinge · Irin
Babu Pallan · Irina Davis · Irina Shcherbinia · Irish Cantalejo-Emerson · Irish Pelegren · Iritana Tua ·
Isaac Bright · Isabel Jimenez · Isabel Seville · Isabelita Ceniza · Isabella Wild · Ishan Kolothodi · Ishina
Adhikari · Ishu Koirala · Isi Uata · Iskima Bhandari · Isla Jean Tregonning · Isobel OBrien · Ita Living ·
Italia Taka · Itayi Ruvando · Ivana Tan · Ivane Parba · Ivy Araujo · Ivy Carino · Ivy Carreon · Ivy
Chatterjee · Ivy Johnson · Ivy Liza · Izel Martinez · Izzy Byfleet · Izzy Getty · Izzy Hutcheson · Izzy
Partridge · Jaala Attewel · Jabeline Obra · Jac George · Jacinta Afamasaga · Jacinta Maxwell ·
Jacinta Neilson · Jack Foster · Jackie Batoy · Jackie Hotter · Jackie Miller · Jackie O’Fee · Jackie
Rangihuna-Atkins · Jackie Silva · Jackson Sumich · Jacky Adam · Jacky Basongit · Jaclyn Aitken ·
Jaco Malan · Jacob Cherian · Jacob Wood · Jacoeb Uprichard · Jacque Hunter · Jacque Manzano
Leadbetter · Jacqueleen Nyangweso · Jacquelyn Cottam · Jacqui Clarke · Jacqui Devezas · Jade
Bedel · Jade Hemi · Jade Magno · Jade O’Connor · Jade Te Awhe · Jade Washbourn · Jadi Cubita ·
Jagath Wijetilleke · Jaime Clews · Jaime Redmond · Jaimee Bell · Jaimie Novotny · Jalpa Patel ·
Jam Bolivar · Jam Rivera · James Aoys · James Davies-Collins · James Goodman · James Grieves
· James Inobaya · James Marshall · James Ward-Johnson · Jamie Murphy · Jamie Murray-
Macgregor · Jamie Quigg · Jamie Roberts · Jamie Rumbold · Jamie Sheary · Jamila Khaled · Jan
Bandala · Jan Corbett · Jan Low · Jan McCann · Jan Thomson · Jan Villacorta · Jan-Marie Houliston
· Jana Dinusova · Janaki Shrestha · Jane Baker · Jane Bell · Jane Elle · Jane Escalera · Jane Gordon
· Jane Hickman · Jane Hockey · Jane Jordan · Jane Magan · Jane McCall · Jane O’Connell · Jane
Pallett · Jane Paredes · Jane Patrick · Jane Pow · Jane Ram · Jane Sun · Jane Tattley · Janeil Tan ·
Janelle Broughton · Janelle Reade · Janes Castro · Janet Bucag · Janet Hagonoy · Janet Jesen ·
Janet Ngamaru · Janet Spaabaek · Janet Stacey · Janette Boyd · Janette Llesis · Janice Liu ·
Janice Lomosco · Janice Munro · Janice Peralta · Janice Rothwell · Janice Roy · Janice Salmons ·
Janice Stent · Janice Tuuta · Janice Walsh · Janice Wright · Janie Keelan-Hammond · Janie Nolan
· Janine Aitken · Janine Amacio · Janine Davidson · Janine Lipsys · Janine Snape · Janine Spiers ·
Janine Waugh · Janine Wilde · Janith Fernando · Janna Caneda · Jannel Escueta · Jans Amuwala
Mesthrige · Janzelle Marasigan · Jared Kemsley · Jas Bhotea · Jas Taala · Jash Jattana · Jashan
Kaur · Jasmeen Kaur · Jasmeet Kaur · Jasmeet Virk · Jasmin Cataquiz · Jasmin Raju · Jasmine
Dalkie Drummond · Jasmine Evans · Jasmine Kim · Jasmine Kipa · Jasmine Lee · Jasmine Mann ·
Jasmine Mcilraith · Jasmit Kaur · Jason Adam · Jason Browne · Jason Davey · Jason Hopkins ·
Jason Kenna · Jason Mack · Jason Van der Hulst · Jason Zhao · Jasond Jamboy · Jaspinder Kaur ·
Jaspreet Brar · Jaspreet Gill · Jaspreet Kaur · Jaspreet Kaur · Jaspreet Kaur · Jaspreet Kaur ·
Jaspreet Kaur · Jaspreet Kaur · Jaspreet Kaur · Jaspreet Singh · Jasprit Kaur · Jass Kaur · Jass
Kaur · Jass Kaur · Jass Reddy · Jasvir Kaur · Jaswinder Kaur · Jatinder Kaur · Jay Kang · Jay Kirk ·
Jay Moore · Jay Parag · Jay Pascua · Jay Payot · Jay Sukhdarshan Singh · Jaya Mohan · Jaya
Murugan · Jaya Vandhana · Jayde Galbraith · Jayde Kumsawng · Jayde Simpson · Jayn Baker ·
Jayna Burnett-Brown · Jayne McIlroy · Jayne Money · Jaypee De Peralta · Jayson Ehn · Jaz
Morrison · Jaz Spicer · Jazel Madlangbayan · Jazmyn Fox · Jazz Lord · Jazz Phillips · Jazz Rabbett ·
Jean Farrell · Jean Raga · Jean Ramos · Jean Rigor · Jean Villarin · Jeanafe Abelarde · Jeanel
Gutong · Jeanet Bagares · Jeanette Erestingcol · Jeanette Tebbutt · Jeanette Trueman · Jeanette
Wensor · Jeanie Gamboa · Jeanie Gradwell · Jeanie Salcedo · Jeanne Paterson · Jeanne Walker ·
Jeannette Subritzky · Jeannie Bautista · Jeannie Sales · Jeannie Wang · Jee Manipis · Jeema Lijo ·
Jeena Jose · Jeena Oshana · Jeeva Vakkachan · Jeff De Los Reyes · Jeff Parkins · Jeff Ragragio ·
Jejay Sen · Jele Papellero · Jeli Howes · Jelica Ceballos · Jem Curran · Jen Garcia · Jen Lemery ·
Jen Magrath · Jen Nuevo · Jen Prasad · Jen Rea · Jenelyn Ragadi · Jeni Keogh · Jenn Valavala ·
Jenna Maire · Jenna Moore · Jenni Harris · Jenni Stevenson · Jenni Thompson · Jennie South ·
Jennie Teodoro · Jennielyn Juachon · Jennifer Dela Cruz · Jennifer Ferrier · Jennifer Gonzalo ·
Jennifer Roberts · Jennifer Rodriguez · Jennifer Southee · Jennifer Storer · Jennifer Trasmil ·
Jennifer Tufuga · Jennifer Wong · Jennilyn Maneja · Jenny Abalos · Jenny Achilles · Jenny Bongcog
· Jenny Bower · Jenny Buhat · Jenny Campbell · Jenny Christmas · Jenny Coleman · Jenny Cooper
· Jenny de Peralta · Jenny Dominguez · Jenny Griffiths · Jenny Guanco · Jenny Halliday · Jenny
Jackson · Jenny Kaur · Jenny Lane · Jenny Leader · Jenny Magsilang · Jenny Parker · Jenny Pasiol
· Jenny Penfold · Jenny Segundo · Jenny Simons · Jenny Thiele · Jenny Vaipapa · Jenny Wilson ·
Jenny Wood · Jenny Wood · Jenny Zhang · Jeo James · Jerald Isleta · Jerald Sunto · Jeremiah
Barclay · Jeremy Fabio · Jeremy Moore · Jeremy Wood · Jeriah Balo · Jerin Joy · Jerlene Cruz ·
Jermae Aguilon · Jermaine Masangkay · Jerome Wong Yit · Jerry Shi · Jervilou Santiago · Jesilyn
Delgado · Jeska Beardsmore · Jesna Jose · Jess Bonustro · Jess Foster · Jess Hatfield · Jess Herkt
· Jess Jacques · Jess Jewell · Jess Lay · Jess Lewis · Jess Malaque · Jess McKnight · Jess Morris ·
Jess Nathan · Jessa Getuya · Jesse Grove-Gowans · Jessica Apperley · Jessica Castro · Jessica
Crook · Jessica Csengo · Jessica Martin · Jessica Matheson · Jessica Rice · Jessica Taningco ·
Jessica Tonacao · Jessie Chu · Jessie McKay · Jessie Tang · Jessiely Vibandor · Jessy Arthur-
Worsop · Jesty Nelson · Jevy Badilla · Jewel Galang · Jharmane Catolico · Jhiede Tormis · Jho
Magon · Jhonaliza Detera · Jhong Solen · Jhunnelle Tabay · Jiaxin Bu · Jibin John · Jie Zhang · Jie
Yu Zeng · Jihan Mayor · Jijo Laurence · Jiju Joy · Jil Chua · Jill Clark · Jill Gregson · Jill Job · Jill Patel
· Jill Smith · Jill Turner · Jill White-Northcroft · Jillian Cole · Jilsy Joy · Jim Allardyce · Jim Frost · Jim
Jin · Jim Otimi · Jimaima Naikatini · Jimmy Clemente · Jimmy Franks · Jimmy Silich · Jimmy
Veidemanis · Jimmy Wei · Jince Jose · Jinell Fernandes · Jing Cui · Jing Meipieza · Jini Joy · Jinky
Munoz · Jinky Romero · Jins Kurian · Jinsa Joseph · Jinsha Jiju · Jinson Abraham · Jinu Thomas ·
Jiny Johny · Jiratha Khamsungnoen · Jisbin Siby · Jit Chhetri · Jo Anam · Jo Baker · Jo Bando · Jo
Base · Jo Campbell · Jo Cant · Jo Clare · Jo De Los Angeles · Jo Dickson · Jo Duncan · Jo Foley · Jo
Goode · Jo Hender · Jo Hendry · Jo Hermogenes · Jo Hunt · Jo Johns · Jo Lim · Jo Luijk · Jo Mooney
· Jo Nelson · Jo Rojo · Jo Seed · Jo Turner · Jo Villaester · Jo Ward · Jo Webley · Jo-An Alipin · Jo-
Anne Buhler · Jo-Anne Keating · Joan Lagman · Joan Rubio · Joana Caramoan · Joanna Forbes ·
Joanna Gumangam · Joanna Legall-Misikini · Joanna Nituma · Joanna Taylor-Spedding · Joanne
Bennett · Joanne Eaton · Joanne Hart · Joanne Manger · Joanne McConchie · Joanne Ramirez ·
Joanne Robinson · Joanne Satchwell · Joanne Smith · Joanne Snalam · Joanne Steele · Joanne
Wang · Joanne Wong · Joash Felipe · Joban Singh · Jobcy John · Jobi Paul · Jocel Dorado · Jocelyn
Davidson · Jocelyn Hansen · Jocelyn Infante · Jocelyn Lines · Jocelyn Prospero · Jocelyn Reyes ·
Jock Robinson · Jodie Ellis · Jodie Kirk · Jodie Robb · Jody Coverdale · Jody Keating-Gorton · Joe
Muttumpurath · Joe Nio-Aporo · Joe Rooney · Joe Sturrock · Joe Suedad · Joe Vas · Joe Won ·
Joeben Roxas · Joena Baculio · Joenita Florendo · Joey Bawas · Joey Weaver · Johanna Aguiar ·
Johannes Bronkhorst · John Beuth · John Bland · John De Leon · John Entice · John Foster · John
Gavin · John Goss · John Graham · John Ibarra · John Jenkins · John Katiyo · John Keighron · John
Nayga · John Outten · John Poral · John Taylor · John Van Turnhout · John Young · Johncy Joseph
· Jojo Archer · Jojo Diquit · Jolden Fernandes · Jomarie Guarnes · Jomy Jose · Jona Arganda · Jona
Kayan · Jona Osmena · Jonald Laurico · Jonalyn Angopa · Jonathan Ball · Jonathan Barber ·
Jonathan Barrett · Jonathan Santamaria · Jonathon Hean · Jonelyn Valeroso · Joni-Lou Arcelo ·
Jonna Mangahas · Jonnel Tan · Jono Burch · Jordan Cruickshank · Jordan Elvy · Joreena Mabini ·
Jorefel Sato · Joris Bolijn · Josafa Magallones · Jose Palathunkal · Jose Reeves · Joseph Aquino ·
Joseph Go · Josephine Cunado · Josephine Slater · Josh Dench · Josh Jones · Josh Orchard · Josh
Rasolo · Joshi Nandini · Joshua Smith · Josiane Bizoza · Josie McCrone · Josie Placino · Josmin
Jose · Joti Chand · Joti Kumari · Joti Reena · Jova Marquez · Jovana Brasic · Jovi Obias · Joy Abella
· Joy Abellar-Sinha · Joy Albano · Joy Breward · Joy Brinkmann · Joy Campo · Joy Cho · Joy Duran
· Joy Harrison · Joy Mason · Joy Notman · Joy Yang · Joyce Kinyua · Joyce Kydd · Joyce Li · Joyce
Roa · Jude Fegi · Jude Kerr · Jude Van Bommel · Judette Froilan-Algodon · Judi Wetere · Judith
Babu · Judith Ditablan · Judith Rutledge · Judith Taylor · Judy Aitken · Judy Barron · Judy Campbell
· Judy Christie · Judy Lubanga · Judy McAuley · Judy Miguel · Judy Montero · Judy Patterson · Judy
Petersen · Juffin Koshy · Juhee An · Julia Charteris · Julia Delahunty · Julia Evans · Julia Hamilton ·
Julia Main · Julia Murphy · Julia Walker · Juliana Baxter · Juliana Joseph · Julie Akinyele · Julie
Camay · Julie Collings · Julie Copping · Julie Corkill · Julie Crayford · Julie Crofts · Julie Day · Julie
Deticio · Julie East · Julie George · Julie Gumban · Julie Hoskin · Julie Leilua · Julie Madden · Julie
Madden · Julie Mallia · Julie McGhie · Julie Morrish · Julie Parker · Julie Quine · Julie Rodwell · Julie
Russ · Julie Ryan · Julie Seymour · Julie Simpron · Julie Thompson · Julie Toevai · Julie Wallis · Julie
Williamson · Julie Rose Guinyang · Julie-Ann Beattie · Juliet Findlay · Juliet Smith · Juliette
Brownlow · Julius Macaraeg · Jully Cui · Julyn Cancino · Jun Lam · Jun Montajes · June Marshall ·
June Savage · June Wano · Junessa Shotter · Junior Tai · Junn Alminaza · Justin Regidor · Justin
Reinecke · Justine Hilado · Justine Michel · Juvilyn Hallazgo · Jyothy Gopakumar · Jyoti Bhanot ·
Jyoti K C · Jyoti Kumar · Jyoti Kunwar · Jyoti Phuyal · Jyoti Sharma · Kabita Lamichhane · Kaden Ko
· Kae Tayong · Kael Fallu · Kaelan Healy · Kaitlin Ruscoe · Kaito Hayashi · Kal Sherchan · Kalaivani
Logeswaran · Kaleb Dunstan · Kaleshni Devi · Kalisi Savu · Kalpa Kumarasinghe · Kalpana Negi ·
Kalvi Selvaraj · Kalyan Alluri · Kamal Dhaliwal · Kamal Jajoria · Kamal Kaur · Kamal Kaur · Kamal
Pandher · Kamal Sharma · Kamala Phuyel · Kamalpreet Kaur · Kamalpreet Kaur · Kamalpreet Kaur
· Kamini Prasad · Kanchan Dangol · Kanchi Peiris · Kani Davis · Kaniata Halanukonuka · Kanta Mani
· Kanti Karan · Kara Belcher · Kara Montilla · Kareen Galang · Karel Atilano · Karen Andrews · Karen
Bensemann · Karen Borland · Karen Castel · Karen Clark · Karen Ikimata · Karen Jackson · Karen
Jellyman · Karen Jenkins · Karen Kelly · Karen Kenny · Karen Lake · Karen Layman · Karen Mabao ·
Karen Melo · Karen Merrilees · Karen Moriyama · Karen Nasser · Karen Nel · Karen Parata · Karen
Prothero · Karen Reataza · Karen Rodger · Karen Sears · Karen Shaw · Karen Wellard · Karen
Wellington · Karen Williams · Karin Duval · Karin McDonald · Karin Smits · Karina Choirunisa · Karina
Landero · Karina Misterio · Karishma Naidu · Karizza Miranda · Karl Drent · Karl Holden · Karl
Holloway · Karl Rosales · Karla de Wet · Karla Diaz · Karla Marrs · Karm Kaur · Karuna Maharaj ·
Karuna Neupane · Karuna Singh · Karyl Saavedra · Karyn Marshall · Karyn Nobilo · Karyn Porter ·
Karyn Small · Kasa Katene · Kase Woolley · Kasun Silva · Kat Atkins · Kat Hanson · Katalina Aitaua ·
Katalina Kisina · Katarina Biaukula · Kate Anderson · Kate Bowden · Kate Bruce · Kate Carr · Kate
Clayton · Kate Donaldson · Kate Ensor · Kate Johnson · Kate Milne · Kate Morgan · Kate Ren · Kate
Sharples · Kate Tran · Kate Wood · Kath Abelligos · Kath Collett · Kath Daveis · Kath Dwyer · Kath
Hart · Kath Morgan · Kath Pegalan-Bataanon · Katherine Cade · Katherine Smith · Kathie Carter ·
Kathie Dimock · Kathleen Corcuera · Kathleen de Gracia · Kathleen McMillan · Kathlen Gingoyon ·
Kathrine Tan · Kathryn Francis · Kathryn Geopano · Kathryn McMahon · Kathryn Van de Westerlo ·
Kathy Petersen · Katie Benson · Katie Hilleard · Katie Longden · Katie Matatia · Katie-Jane Knight ·
Katie-Rae Botica · Katrin Marundan · Katrina Armstrong · Katrina Boyd · Katrina Copland · Katrina
Ede · Katrina Mann · Katrina McLean · Katrina Stevens · Katty Maya · Katy Fryer · Katy Hodder · Katy
Van Nieuwenhuizen · Katz Melebo · Kavitha Sukumar · Kawana Hing · Kay Clarke · Kay Jeffs · Kay
Katene · Kay Merekula · Kay Spick · Kaya Edwards · Kaycee Borja · Kaye Clyne · Kaye Francisco ·
Kaye Kaur · Kaye Nieva · Kaye Stoddart · Kaye Wesley · Kayla Myles · Kayla Richmond · Kaylah Ross
· Kaylee Du Preez · Kaylene Brock · Kaylene Tipene · Kayley Taylor · Kaylyn Merrall · Keann Alojado
· Keefe Martinez · Keeta Shrimpton · Keiko Simpson · Keisi Puafuti · Kelera Bourke · Kellie Hura ·
Kelly Barnes · Kelly Cooke · Kelly Dacanay · Kelly Engelen · Kelly Jackson · Kelly Jansen · Kelly
Jones · Kelly Reuelu · Kelly Zeng · Kelsey Wilson · Kelsie Grantham · Kelvin Weston · Ken Go · Ken
Wongsomboon · Ken Yeung · Kendall Charles · Kendall Johnson · Kendall Stobart · Kendyl Hudson-
McDonald · Kennely Atilano · Kenneth Alo · Kenneth Baldivinos · Kenneth Penolbo · Kenny
MacAskill · Keran Taylor · Keri Brickmann · Keri Ladbrook · Kerianne Harmon · Kerri Martin · Kerri
Roberts · Kerri Taylor · Kerrin Riches · Kerry Gall · Kerryn Drever · Kertch Berzabal · Keryn
Johnston-Dixon · Kevin Bowgett · Kevin Butcher · Kevin Durkin · Kevin Grimwood · Kevin Selner
Maniego · Kevin Taylor · Keysha Ericksen · Khina Neupane · Khush Arora · Kianna Wang · Kie Kassal
· Kiely Buttell · Kiera Bradford · Kieran Angus · Kieran Cox · Kieti Kalava · Kika Fosita · Kili Li · Kim
Baker · Kim Brougham · Kim Buere · Kim Chayag · Kim Cunard · Kim Grundmann · Kim Hammersley
· Kim Henry · Kim Housiaux · Kim Machado · Kim Manansala · Kim Nanscawen · Kim Perez · Kim
Wallace · Kim White · Kimberly Bakian · Kimi Donaldson · Kimlea Howard · Kimmy Beringuel · Kinu
Nagaya · Kira Slimin · Kira Wetere · Kiran Dhillon · Kiran Gudopp · Kiran Joseph · Kiran Joshi · Kiran
Kaur · Kiran Lata · Kiran Singh · Kirandeep Basram · Kirandeep Kaur · Kirandeep Kaur · Kirby
Chunaco · Kirk Lubos · Kirk Serafica · Kirn Brar · Kirsten Bell · Kirsten Liggett · Kirsten Merrett ·
Kirstin Charters · Kirstin Jenkinson · Kirstin Murdoch · Kirsty Gunn · Kisa Faauli · Kisa Tanuvasa ·
Kishore Kurian · Kit Montilla · Kitty Tamayo · Klarissa Dacyon · Kolotita Makalio · Komal Goundar ·
Komal Komal · Komal Patel · Komalpreet Kaur · Koppel Sorono · Korinna Dela Cruz · Koshala
Waduwatta · Kreeti Kumar · Kris Domondon · Kris Perkins · Krishma Singh · Krishna Malcampo ·
Krishna Nagalla · Krishna Rajput · Krissy Talavera · Krista Lee · Kristell Paqueo · Krister Borja ·
Kristin Bayhon · Kristin Cadavis-Khiathani · Kristina Bonsol · Kristina Thomas · Kristine Baring ·
Kristine Bello · Kristine Dalauidao · Kristine Fegi · Kristine Llave · Kristine Ostrea · Kristine Pancho ·
Kristine Singh · Kristofer Toledo · Kristoff Bawayan · Krystal Manson · Krystyna Bostrovas · Kuldeep
Kaur · Kuldip Singh · Kulwinder Kaur · Kumar Mekala · Kurt Hiller · Kushla Raju · Kushma Gurung ·
Kyamala Magar · Kyan Rumbold · Kyla Ellis · Kyla Graf · Kyla van Heerden · Kyle Thomson · Kylie
Campbell · Kylie Dearing · Kylie Martin · Kylie Maxwell · Kylie Thomas · Kyoungmi Kim · La Drew ·
Lachmi Kanta · Ladine Hobson · Ladonna De Asis · Lady Canda · Lailanie Gray · Lailega Iosefa ·
Laiza Peters · Lami Taua · Lana Boynton · Lana Fraser · Lana Tuipulotu · Lance Clendon · Lance
Fletcher · Lancy Lawrence · Lanei Dimaano · Laney Tomkins · Lanie Mabale · Lanna Schnetler ·
Lara Durand · Lara Formentera · Lara Giles · Larissa Sedouch · Larissa Te Ao · Larry Montoya ·
158
RYMAN HEALTHCARE
Latchmi Murti · Lateesha Douglas · Latoya Brownlee · Laura Blunsdon · Laura Carrington · Laura
Hawkes · Laura Herman · Laura Luague · Laura Manalaysay · Laura McCullough · Laura Menzies ·
Laura Moffett · Laura Richmond · Laura Walker · Laura Whicker · Lauren Baldock · Lauren
Beaumont · Lauren Clark · Lauren Heyes · Lauren Odgers · Lauren Strachan · Lauren Wells ·
Laurence Alojado · Laurence Llenes · Lavanya Perumandi · Lavina Varghese · Lavinia Kelly ·
Lavpreet Kaur · Lawale Baigern · Lawrence Azul · Lawrence Manohara-Seelan · Laya Mary Veliyil
Shaji · Lazel Nieto Baungally · Lea Brown · Lea Sullivan · Lea Valdez · Leah Hand · Leah Ouano · Leah
Soliva · Leah Villaruz-Foo · Leah White · Lealyn Ramos-Llanera · Leanna Harding · Leanne Booth ·
Leanne Fabish · Leanne Gillie · Leanne Hunter · Leanne King · Leanne McFarlane · Leanne
Nukunuku · Leanne O’Meara · Leanne Paekau · Leanne Stewart · Leanne Watson · Leba
Leqakowailutu · Lebron Suedad · Lee Gao · Lee Hancock · Lee Parkhill · Lee Rodgers · Lee Wilson ·
Lee-Anne Mahadeo · Leeba Babu · Leela Pathirannahelage · Leema Alias · Leen Porathur · Leena
Kumar · Leeza Stone · Lehanna Pio · Leia Bishop · Leigh Kench · Leigh Pakome · Leila Salac · Leilane
Alforo · Leilani Loibl-Beach · Leis de Vernon · Leisa Brown · Len Ferrer · Len Medalla · Lena Gawler
· Lena Te Miha · Lenin Moncy · Leo Dumagan · Leo Hahn · Leo Salac Jr · Leon Hewitt · Leon van den
Berg · Leonie Kebbell · Leonie Taylor · Leroy Sisnett · Leshani Gunawardana · Leshika Arachchige ·
Lesila Tamale · Lesley Crampton · Lesley Harris · Lesley Pells · Lesley Te Maiharoa-Sykes · Leslie
Ortega · Lester Toms · Lester Salvosa · Letitia Corcoran · Leva Latu · Lewis Bradford · Lez Pencz ·
Li Feng · Li Hayman · Li Ma · Lia Pou · Liam Claringbold · Liam Riddiford · Lianne Woolford · Libby
Doran · Libby Esguerra · Libby Hetaraka · Lie Fiu · Liesl Kruger · Liezl de Waal · Ligaya Cobile · Ligi
Johnson · Ligi Pailikutty · Ligy John · Lijo Ittoop · Likhwa Sigola · Lila Patel · Lili Dong · Lili Latu · Lili
Talega · Lili Volpicelli · Lilian Ferreira · Liliana Romero · Lill Wawatai · Lillian Lian · Lilly-Belle James ·
Lily Elliott · Lily Forcadilla · Lily Fraser · Lily Graciano · Lily Isleta · Lily Nicolescu · Lily Xiao Ying · Lima
Ugapo · Lin Lim · Lin McLaughlin · Lina Benedetti · Lina Tuimana · Linda Burnside · Linda Churchill ·
Linda Lockington · Linda Maharjan · Linda McGill · Linda McKee · Linda Morey · Linda Odhiambo ·
Linda Pettigrew · Linda Reid · Linda Richards · Linda Skelton · Linda Soloman · Linda Street · Linda
Vescherre · Linda Warren · Linda Yu · Lindsay Harrison · Lindsay O’Connor · Lindy Havinga · Lionel
Kho · Lionel Pillay · Lisa Carr · Lisa Crichton · Lisa Gilligan · Lisa Humphrey · Lisa Laforgia · Lisa
Leger · Lisa Marr · Lisa More · Lisa Neiman · Lisa Ngatai · Lisa Petana · Lisa Puklowski · Lisa Raika ·
Lisa Robinson · Lisa Ross · Lisa Walton · Lisa Whitcombe · Lisha Alias · Lisi Fifita · Lit-Lit Lacerna ·
Lita Naude · Liviana Ketewai · Liyana Bandara · Liz Beresford · Liz Bradford · Liz Close · Liz Dilger ·
Liz Gill · Liz Hampton · Liz Hickling · Liz Keeman · Liz Nancollis · Liz Penman · Liz Thrush · Liz Wells ·
Liza Dong · Liza Hendry · Liza Mierzejewski · Liza Siano · Lizell Umayam · Lizeth Monzalo · Lizz Read
· Lizzy McKenzie · Lloyd Landiza · Lloyd Tipudan · Loa Tuiolemotu · Lochlan Wilson · Logan
Fairbairn · Logan Sears · Loida Malanyaon · Loida Zarandona · Lois Battersby · Lois Chirume · Lois
Partridge · Lois Tooley · Lonita Tejano · Lordei Ledesma · Lorelle Brljevich · Loren De Chavia ·
Lorena Sadler · Lorenza Macayba · Lorie Anderson · Lorie Bantugan · Lormie Talape · Lorna
Alcasabas · Lorna Carter · Lorna Jenkin · Lorraine Barcibal · Lorraine Dawson · Lorraine Fuller ·
Lorraine Hulse · Lorraine Kelly · Lorraine Knight · Lorraine Leigh · Lorraine Price · Lorraine Tippett ·
Lorraine White · Lotis Baldozano · Lotis Caranguian · Loto Foaese-Aiolupo · Lou Anisy · Lou
Cabuyadao · Lou Camargo · Lou Moyle · Lou Tubig · Louie Dalida · Louis Rountree · Louis
Wolmarans · Louisa Bradburg · Louisa Liang · Louisa Lote · Louisa Morton · Louise Addis · Louise
Brown · Louise Caudwell · Louise Davies-Collins · Louise Dawson · Louise James · Louise Nicholas
· Louise Rayner · Louise Tanner · Louise Woods · Lourde Riotoc · Lovaine Glariada · Love Valderrosa
· Lovely Begum · Lovely Bieles · Lovely Chauhan · Lovepreet Kaur · Lu Southern · Lua Tauaneai · Luc
Wong · Luca Chiavola · Lucia Meyer · Lucilee Balbarino · Lucky Schuster · Lucky Shakya · Lucresia
Caitor · Lucy Ayers · Lucy Banaba · Lucy Bothwell · Lucy Caldwell · Lucy Fan · Lucy Levi · Lucy
Mataki · Lucy Nordstrom · Lucy Ryan · Lucy Uro · Lucy van Deursen · Lucy Zhou · Luis Leh · Luis
Lencioni · Luisa Filimoehala · Luisa Giraldo Gallon · Luisa Rokotuiloma · Luke Flynn-Mackenzie ·
Luke Hutchinson · Luke Patience · Luna Touzel · Lupe Finau · Lusia Makihele · Lusiana Khan · Lusila
Perez · Lydia George · Lydia Lophus · Lydia Morintat · Lydia Renu · Lylene Nuguid · Lyn Aragon · Lyn
Brown · Lyn Caylan · Lyn Elton · Lyn King · Lyn Menor · Lyn Metran · Lyn Nickel · Lyn Zalavarria ·
Lynda Dean · Lynda Ellington · Lynda Goston · Lynda Hill · Lynda Schuler · Lynde DeAndres ·
Lyndon Harper · Lyndon Taylor · Lyndsay Richards · Lyndy Direen · Lynette Darling · Lynette Neale
· Lynette Pido · Lynette Polley · Lynley Ballantine · Lynley Gillies · Lynn Buist · Lynn Charlton · Lynn
Garner · Lynn Matthews · Lynn Rollo · Lynne Bretherton · Lynne Domigan · Lynne Egging · Lynne
Kane · Lynne Lepoidevin · Lynton Parkinson · Lyree Sayers · Lyric Hoani · Lyssa Foreman · Ma
Kathrina Concepcion · Ma Kriezl Ramos · Maaimoa Latu · Maan Singh · Mabel Mathews · Mable
Stewart · Maddie Anthony · Maddie Prime · Maddy Jones · Madelein Brooks · Madeleine Dela Rosa
· Madelyn Premacio · Madelynne Casison · Madhu Singh · Madison Gray · Madison Wright · Mae
Flores · Mae Resos · Mae Toreja · Maelene Gatinao · Maffy Coates · Maggie Cornelio · Maggie Kam
· Maggie Malone · Maggie Roberts · Maha Ramachandran · Maia Clare · Maia Scott-Wheeler · Maia
Seaward · Maia Tagod · Mak Eketi · Makelesi Vula · Malav Patel · Malcolm Tolman · Malcolm
Zuppicich · Maleesa Daniel · Malia Carter · Malia Savelio · Malia Va’afusuaga · Mallory Currier · Malo
Tauaneai · Mamata Gurung · Mamta Gusain · Man Wai Fung · Manasa Mohan · Manda Ross ·
Mandeep Gill · Mandeep Kaur · Mandeep Kaur · Mandy Clutterbuck · Mandy Errington · Mandy
Hemmingsen · Mandy Jiang · Mandy Tarquinio · Mandy Tipoki · Mandy Uren · Mandy Wright · Mandy
Zhang · Mani Arora · Manilyn Calda · Maninder Kaur · Manisha Baniya · Manisha Gurung · Manisha
Majhi · Manisha Mane · Manjali Abeysekara Mudiyanselage · Manjeet Kaur · Manjit Mahi · Manju
Benoy · Manju Bothara · Manjula Devi · Manmeet Kaur · Mannu Kaur · Manohari Mendis · Manpreet
Gill · Manpreet Kaur · Manpreet Kaur · Manpreet Kaur · Manpreet Kaur · Manpreet Kaur · Manpreet
Kaur · Manpreet Sekhon · Mantha Thou · Manu Mathew · Manu Sherchan · Manuela Jaramillo
Gonzalez · Manwinder Sangha · Mara Hernando · Marama Lomia · Marc Archbold · Marc Ytom ·
Marcelle Sherwood-Whall · Marcia Bernardo · Marcia Geronimo · Marcus Cullen · Marcus Gildon ·
Marcus Rimington · Marcy Dolar · Maree Crozier · Maree Hughes · Maree McCorkindale · Maree
Morris · Maree Ockwell · Maree Vaile · Maree Washbourne · Mareike Bohte · Mareta Tokannata ·
Marg Vicente · Marg Vince · Margaret Chambers · Margaret Haami · Margaret Hamilton · Margaret
Lethbridge · Margaret Manson · Margaret Osage · Margaret Rakai · Margie Bell · Margo Beale ·
Margot Boock · Margot Taylor · Mari Gomes-Bradford · Mari Isnit · Maria Achari · Maria Aguilos ·
Maria Baby · Maria Bautista · Maria Bayan · Maria Bunsato · Maria Cavan · Maria Cuizon · Maria
Flores · Maria Fong · Maria Francisco · Maria Fuga · Maria Gregorio · Maria Havea · Maria Inocencio
· Maria Isnit · Maria James · Maria Jordan · Maria Joseph · Maria Kurian · Maria Martinez · Maria
Mathieson · Maria McNeilly · Maria Neill · Maria Nuval · Maria Ralawa · Maria Ramos · Maria Restrepo
· Maria Rivera · Maria Soares · Maria Torralba · Maria Walker · Maria Warriner · Marian De La Cruz ·
Marian Magpantay · Mariane Vicente · Marianel Miralles · Marianita Pelaez · Marianne Cobeldick ·
Marianne Heikkila · Marianne Hernandez · Marianne Regala · Marianne Ventura · Maricar Blancaflor
· Maricar Santos · Maricel Angeles · Maricel Atienza · Marichelle Roxas · Marichille Bandales ·
Marichu Calpo · Marichu Siao · Marie Aki · Marie Araneta · Marie Chandra · Marie Darling · Marie
Deverell · Marie Domingue · Marie George · Marie Gonzales · Marie Hodges · Marie Jenkins · Marie
Molina · Marie Percy · Marie Rutherford · Mariel Simblante · Mariela Durnhofer Rubolino · Marien
Fabillar · Marievan Tan · Marife Galvez · Marife Patterson · Marika Laflamme · Marilou Callo · Marina
John · Marina Wildbore · Marion Gordobe · Marion Jackson · Marion Paquit · Marion Ver Esguerra ·
Maris Banal · Maris Taueki · Mariss Yamson · Marissa Hirawani · Marites Suaring · Marivic Sinio ·
Mariya Antony · Mariya Johnson · Mariya Yacob · Marizz Maneng · Marjan Aghakarimi · Marjo Engel
· Marjorie Gomez · Marjorie Guillemer · Marjorie Masangkay · Marjorie Sojor · Mark Adams · Mark
Aliado · Mark Balute · Mark Clorion · Mark Cooley · Mark Cooper · Mark Dimaano · Mark Florendo ·
Mark Gela · Mark Harper · Mark Nunn · Mark Owens · Marko Meingassner · Marlene Barbosa Da
Silva · Marmyl Robson · Marnie Castillo · Marnie Higgins · Marta Manicia · Martha Diprose · Martha
Peka · Martin Collins · Martin Greenfield · Martin Lau · Martin Westley · Martina Himme · Martine
Mathews · Martley Mitikulena · Martyn Osborn · Marvie Rongavilla · Mary Bayona · Mary Boyce ·
Mary Cho Aung · Mary Compoc-Canoy · Mary Cyriac · Mary Freeman · Mary Gipsy · Mary Gonzales
· Mary Jacob · Mary Kasperski · Mary MacLeod · Mary Nicy · Mary Papadopoulos · Mary Rongo ·
Mary Shiju · Mary Tait · Mary Thompson · Mary Vasaya · Mary Wagwag · Mary Ann Domingo · Mary
Ann Noquilla · Mary Ann Velarde · Mary Grace Ladianghibong · Mary Jo Giray · Mary Jo Matullano
· Mary-Anne MacAskill · Mary-Anne Stone · Maryanne Gilmore · Marybeth Perez · Marylyn Narayan
· Maryvonne Gray · Masayo Burke · Mascha Florisson · Mason Woods · Matakeu Timms · Mathew
Josipovic · Mathias Sackey · Mathura Arachana · Mati Fryer · Matt Bell · Matt de Jong · Matt Fane ·
Matt Hutchinson · Matt Orr · Matt Poskitt · Matt Sheehan · Matt Southwick · Matt Wright · Matthew
Brown · Matthew Coates · Matthew Gowdy · Matthew Somosot · Maui Padilla · Mauree Parker ·
Maureen Glentworth · Maureen Johnson · Maurice Schroeder · Max Wilson · Maxine Hansen · May
Bilalat · May Bonicatto · May Carinan · May Checa · May De Los Santos · May Duong · May
Hemtanont · May Magsino · May Poligrates · May Raquepo · May Sino-Ag Sargento · Maya Daniel ·
Maya Prasad · Maybel Bumanglag · Maychelle Bechayda · Mayda Bromley · Maye Agdigos · Mayumi
Shinzaki · Mayuri Mistry · Meagan Leqakowailutu · Mealofa Faimalo · Meegan Potts · Meehee Kim ·
Meena Meenakshi · Meenu Bandara · Meenu Devasia · Meenu Jose · Meenu Sheeja · Meet Kaur ·
Meg Fraser · Megadryl Atas · Megan Ashton · Megan Coffey · Megan Dempsey · Megan Fowlie ·
Megan Green · Megan Grey · Megan Knight · Megan Willis · Meghan Blackwell-Hart · Mei Bitanga ·
Mei Boderick · Mei Yu · Meidy Maza · Meise Misa · Mel Hamlin-Tuck · Mel Maxwell · Mel Tolete · Mela
Matairavula · Mela Moceiwai · Melanie Asuncion · Melanie Reyes-Tagle · Melanie Torwick · Melannie
Marasigan · Melchor Velandria · Mele Ekenasio · Mele Leha · Mele Palelei · Mele Vaka · Mele Vi ·
Melesia Kautai · Meliame Nimmo · Melina Darvish · Melina Vasu · Melinda Opray · Melinda Reside ·
Melis Casimiro · Melissa Allan · Melissa Burgoyne · Melissa Caldwell · Melissa Clark · Melissa Cross
· Melissa Escretor · Melissa Fluit · Melissa Greentree · Melissa Knight · Melissa Wayland · Melita
Tivalu · Melkame Kebede · Mellissa Page · Melvin Manglicmot · Melvyn Khatri · Mely Cruz · Memoree
Wishart · Menaka Silva · Mengyao Luo · Menik De Silva · Mennen Oebanda · Menno Blom · Mercy
Ponniah · Mercy Sneddon · Mere Caginiveisaqa · Mere Korotuku · Mere Mana · Mere Manukonga ·
Mere Nasoli · Mere Tabataba · Mereani Boi · Meredith Fricker · Merewalesi Rogasagasa · Meri
Janevska · Merin Puthenthara Joy · Merin Sabu · Merin Thomas · Meriya Dias · Merlin Varghese ·
Merline Daniel · Merlyn Clarke · Merlyn Raciles · Merrin Jack · Merryl Espanol · Meryll Totanes · Merz
Maximo · Meserat Mulegata Cherente · Mezzy Bi · Mhel Agpaoa · Mhel Alfaro · Mhel Bautista · Mhel
Lopez · Mi Chaw · Mia Azogue · Mia Gallao · Mia Joseph · Mia Maranan · Mia McKinley · Mia Mihaila
· Mia Wong Yit · Miah Dunn · Miao Tian · Michael Ablan · Michael Aninon · Michael Apat · Michael
Balazo · Michael Borostyan · Michael Cummings · Michael Esguerra · Michael Ledama · Michael
Malicse · Michael Maranan · Michael Mcdonald · Michael Medina · Michael Mitchelson · Michael
Pascual · Michael Sanders · Michael Spahn · Michaela Benkova · Michaela Claridge · Michaela
Forgus · Michaela Manu-Adams · Michaela Reyes · Michaella Faaita · Michele Elenio · Michele
Morrison · Michelle Abad · Michelle Attard · Michelle Barnard · Michelle Berridge · Michelle Blackler
· Michelle Blanchard · Michelle Canning · Michelle Child · Michelle Cowan · Michelle Dew · Michelle
Forgus · Michelle Forman · Michelle Garland · Michelle Greig · Michelle Houston · Michelle Legaspi ·
Michelle Lewis · Michelle Lord-Roper · Michelle McDonnell · Michelle Paco · Michelle Parker ·
Michelle Perkins · Michelle Pickworth · Michelle Priest · Michelle Robinson · Michelle Shaw ·
Michelle Sims · Michelle Smith · Michelle Stewart · Michelle Sutherland · Michelle Tan · Michelle Ung
· Michelle Vermeer · Michelle Wright · Mihiri Meemanage · Miho Tomoike · Mika Fuentes · Mika Kato
· Mika Nacionales · Mika Reid · Mikaela Abraas · Mikayla Miller · Mike Adair · Mike Arsenio · Mike
Davidson · Mike Gebbie · Mike Munslow · Mike Narido · Mike Yang · Mikey Payumo · Mikey Villatuerte
· Miki Dablio · Mila Biaukula · Mila Slavinskaya · Mildred Gaspar · Miles Pancho · Millie Edwards ·
Millie Fraser · Millie McKernan · Millie Stratta · Milly Bergshoeff · Milu Mathew · Mimi Anterea · Mimi
Mendoza · Min Cho · Min Kim · Min Lee Phang · Mindy Duggan · Minerva Hosena · Mini Poulose ·
Minty Walia · Miraina Rimon · Miranda Barnes · Mirasol Beattie · Miruna Karki · Misa Patterson ·
Mitali Patel · Mitch Luby · Mitchell Griffin · Mitchell Johnson · Mitchell McCutcheon · Mitz Abucejo ·
Miyoung Kim · MJ Basilio · Mlete Asfaw · Moana Fifita · Moana Martin · Mohini Nand · Mohini
Narayan · Mohini Olds · Molly Elliott · Molly Mathers · Molly Steel · Momena Begum · Mona Ali · Mona
Sami · Mona Singh · Monette Angadol · Monica Blanca · Monica Cho · Monica Manao · Monica Martir
· Monica Relucio · Monica Sebastian · Monika Monika · Monika Prasad · Monika Rani · Monika Yadav
· Monima Thapa · Monique Awab · Monique Leeson · Monique Villalobos · Monique Voermanek ·
Monish Kumar · Monita Mala · Montana Asovale · Monty Rose · Monu Pradhan · Moon Young Kim ·
Morag Davidson · Moreen Kaur · Morgan Davis · Morgan Owen · Morne Wium · Morvana da Silva ·
Mouli Liyanaarachchi · Mounata Shrestha · Mounika Bathula · Mufida Nisha · Mukish Yelanchezian
· Muna Nonu · Munah Miller · Munaza Azmie · Muriel Apablaza Navarrete · Murphy Bartle · Murray
Bain · Murray Parkes · Mykie Scott · Mylah Morandarte · Mylen Lingaolingao · Mylene Bugo · Myra
Attwood · Myra Gotz · Myra Tonks · Myrna Hatosa · Myrna Tulloch · Myrtle Brown · Myungju Chung
· Nadee Asanka · Nadeera Talagala · Nadia Conn · Nadia Heggland · Nadine Diack · Nafeeza Manga
· Naina Benny · Naina Gupta · Naincy Rastogi · Naise Palusa · Naj Nahar · Najmoon Noorani · Nalanie
Munasinghe · Namiko Uehara · Namita Puri · Namita Shyam · Namrata Joshi · Nancy Hayden ·
Nancy Kumaradhas · Nancy Strapp · Nancy Taua · Nancy Wan · Nancy Watta · Nancy Wilson ·
Nandie Maung · Nandika Silva · Nandini Ram · Nani Bulicakau · Nani Rokotuisuva · Nanise Bulicakau
· Nao Osato · Naoko Matsuo · Naomi Busby · Naomi Kaba · Naomi Keegan · Naomi Silva · Naomi
Tulaga · Naomi Vaea · Narmadha Dissanayake · Narumon Murray · Nashvin Natke · Nat McIlwain ·
Natalei Down · Natalia Poulsen-Smith · Natalie Finn · Natalie Fox · Natalie Randall · Natalie Saunders
· Natalie Thomson · Nataliya Tretyakova · Natalya Medlock · Natana Gisma · Natasha Esterhuizen ·
Natasha Henderson · Natasha Rattray · Nathan Ellis · Nathan McPherson · Nathan Salanoa ·
Nathan Tahi · Nav Hehar · Nav Singh · Navdeep Kaur · Navdeep Kaur · Navdeep Kaur · Naveen Allam
· Naveen Pasunooti · Navjeet Multani · Navjot Brar · Navjot Kaur · Navjot Kaur · Navneet Kaur ·
Navneet Kaur · Navneet Navneet · Navpreet Kaur · Nazia Habib · Neekayla McGimpsey · Neeru
Barot · Neethu Babu · Neethu Maxin · Neha Arora · Neha Sehrawat · Nehal Patel · Neil Davies · Neil
Grinter · Neil Sears · Neil Sunil · Neil Watson · Nela Sepuloni · Nelly Chand · Nelly Joseph · Nelson
Pajarillage · Nemo Arriola · Nena Aglosolos · Nena Balbis · Neneth Alicamen · Neri Macolbacol ·
Nessa Ojales · Nestor Monterozo · Nesum Selliah · Nett Taghoy · Nette Gabriel · Neville Dobson ·
Neville Parkinson · Ngaire Moreton · Ngapine Popata · Ngas Gideon · Ngosi Smith-Licorish · Nhu
Nguyen · Niamh McGuigan · Nibin Antony · Nic Thorpe · Nick Bond · Nick Frische · Nick Hew · Nick
Lamb · Nick Male · Nick Phimwong · Nick Wilson · Nicki Hawker · Nicki McLaren · Nicki Wilson ·
Nickie Tani · Nicky Anderson · Nicky Bercich · Nicky Crawford · Nicky Phillips · Nicky Smith · Nicky
Whithair · Nicola Bowick · Nicola Fagan · Nicola Keast · Nicola Martin · Nicola Mitchell · Nicola Steel
· Nicola Tarleton · Nicole Dunn · Nicole Forster · Nicole Hurford · Nicole Langman · Nicole Mills ·
Nicole Sombrea · Nicole Toomey · Nicole Trautvetter-Grodotzki · Nicole Uy · Nicole Yeatman · Nicy
Abraham · Nida Hassan · Nidhi Patel · Nigel Geonanga · Nigel Megaw · Nik Ekdahl · Nika Lafaele ·
159
ANNUAL REPORT 2021
Nikhil Johnson · Nikhil Shetty · Nikhil Thilakan · Niki De La Harpe · Niki Veeran · Nikita Dhungana ·
Nikita McIntosh-Zuppicich · Nikita Van Niekerk · Nikka Bermejo · Nikki Babbington · Nikki Careford
· Nikki Edwards · Nikki Hill · Nikki Johns · Nikki Kirner · Nikki Wester · Nikola Karlikova · Nikolai
Balanski · Nila Boocock · Nila Jayasuriya · Nilda Pagba · Nileshni Devi · Nili Gyawali · Nilma Pettagam
· Nilmini Rajapaksa · Niluka Samarakoon · Nima Kankanamge · Nimi Jacob · Nimisha Bulsara ·
Nimisha Maharjan · Nimisha Shah · Nimmy Thomas · Nina Archvarin · Nina Bulgakova · Nina Kluge ·
Nina Melocotones · Nina Russell · Nina Wozniak · Ninja Chahal · Ninu Augusthy · Nira Gifkins · Niraj
Khatiwada · Nirali Patel · Nirmala Sharma · Nirosa Perera · Niru Chouhan · Nisha Ismail · Nisha
Maharjan · Nisha Thapa · Nita Rataro · Nita Yu · Nitah Rungroungkul · Nithara Jose · Nithila
Thangamony · Nithin Cheriyan · Nittu Mathew · Nivya Paul · Nixie Carter · Nizar Virani · Noah
Graham · Nochelle Visitacion · Noelene Kitto · Noeline Plowman · Noeline Watson · Noema Leota ·
Noemie Flores · Nola Dyers · Nona Chase · Nonie Alicamen · Nora Arango Bedoya · Nora Esplago ·
Nora Tjandrawidjaja · Noreen Zamora · Norman Beattie · Nova Santiago · Nuwan Rathanyake · Nye
Vyas · Oakley Miller · Odessa Abellana · Odette Whitter · Ofa Lolohea · Oksana Kotlyar · Olive Balli ·
Oliver Konigstorfer · Olivia Antonievich · Olivia Chiang · Olivia Clover · Olivia Ferrer · Olivia Gilmore
· Olivia Moorman · Olivia Stacy · Olivia Tustin · Olivia van de Klundert · Ollie Parvin · Om Prasad ·
Omar Damatac · Onanong Bunjumnong · Orada Wisatwongsa · Oreil Siketi · Oscar Lowy · Oshanthi
Maheshika Liyanage · Osien Andaya · Otep Sacristan · Owen De Does · Owen Duncan · Oyahida
Tumpa · Paewai Tume · Paige Cull · Paige Flashoff · Paige Harrison · Paige Linneweever · Paige-Ellen
Field · Palack Sharma · Pam Harliwich · Pam Malang · Pam McCreedy · Pam Mino · Pam Mirk · Pam
Regis · Pami Kariyapperuma · Pankti Modh · Paola Adolfo · Paola Beltran · Paolo Robles ·
Parampreet Kaur · Paras Kundra · Pardeep Brar · Pardeep Kaur · Paris Laurence · Parminder Kaur ·
Parminder Sandhu · Parmjeet Kaur · Parmjit Kaur · Parth Patel · Parvathy Nair · Parvati Gandhi ·
Parveen Brar · Parveena Naicker · Parvinder Kaur · Parwati Kriletich · Parwinder Kaur · Pasepa
Veilofia · Pat Belcher · Pat McKee · Pat More · Pat Sleeman · Pat Turner · Patricia Dela Cruz · Patricia
Hewitt · Patricia Mabunga · Patricia Nand · Patricia Robles · Patrick Fitzgerald · Patty Khunkaew ·
Paul Blackler · Paul Boyle · Paul Camania · Paul Child · Paul Clark · Paul Gurr · Paul Guy · Paul Korunic
· Paul Lenette · Paul Martillana · Paul McLeod · Paul O’Carroll · Paul Shiel · Paul Sutcliffe · Paul Sutton
· Paul Tsang · Paul Viernes · Paula Fa’aoso · Paula Gutierrez · Paula Kennard · Paula Moyles · Paulette
Sheehan · Paulina Woch · Pauline Cody · Pauline Field · Pauline Groves · Pauline Liao · Pauline Linton
· Pauline Murray · Pauline Nickson · Pauline O’Brien · Pauline Robinson · Pauline Rousseaux · Pauline
Waby · Paulini Singh · Paulo Moreira · Pawan Virk · Paz Chan · Paz Checchecan · Peachie Tagaan ·
Peachy Wee · Pedro del Estal · Peggy Chao · Peggy Tonta · Pele Elia · Pele Vaaga · Pelise Muiaa ·
Penelope Stark · Peni Raroa · Penny Honey · Penny Kaye · Pepa Memea · Pepe Toe · Perla Torreja ·
Persis Chavan · Pete Dayo · Peter Bellam · Peter Erian · Peter Gertos · Peter Hollins · Peter Jonson ·
Peter Macintosh · Peter Smith · Peter Ware · Peter Whelan · Petra Klingbeil · Petrice Vincent · Petta
Danny · Pha Taylor · Phailin Chumsombat · Phil Haynes · Phil Price · Phil Quartly · Phil Yarrall · Philip
Jackson-Cox · Philip Mathew · Philip Mealings · Philip Spinks · Philippa White · Phill Larner · Phillip
Hamilton · Phillipa A’Court · Phoebe Edwardes · Phoebe Laureano · Phoebe Neho · Phoebe Ona ·
Phoebe Orola · Phoebe Premacio · Phoebe Tumata · Phoebe Verdadero · Phoebie Wesche · Pieta
Valentine · Pieter Kruger · Pilar Merino Neyra · Pinal Parmar · Pine Konelio · Pinkal Patel · Pinki
Thapa · Pinky Anibo · Pinky Ariar · Pinky Evangelista · Pip Griffin · Pip Nolan · Pip Smith · Pip Wayne
· Pita Bhattarai · PK Karan · Polly Matheson · Polly Maxwell · Poly Judicpa · Pooja Khaire · Pooja Patel
· Poonam B K · Poonam Chauhan · Poonam Kumar · Poonam Mudliyar · Poonam Rani · Poppy
Griffin-King · Portia Chatadza · Prabath Meegoda Gamage · Prabh Kaur · Prabh Kaur · Prabhjot
Sodhi · Pracey Cheriyan · Prachi Didmishe · Pradip Khadka · Pragnesh Limbachiya · Pragya Mahat
· Prajith Ramakrishnan · Prakash Singh · Praneel Singh · Pranisha Shrestha · Prashant Khaire ·
Prasita Prasannan · Pratiksha Wagle · Pratima Ghimire Adhikari · Pratima Singh · Pravin Singh ·
Precy Bond · Preema Jose · Preena Davis · Preet Kaur · Preet Kaur · Preet Kaur · Preet Kaur · Preethi
Meares · Preeti Preeti · Preetyka Preetyka · Prema Gavarriah · Premitha Silva · Preston Wastney ·
Prince Pagtanac · Princess Catostos · Princess Tabay · Princy Xavier · Priscilla Francis · Priscilla
Mihaere · Pritee Gurung Lama Lopchan · Priti Devi · Pritika Devi · Pritisha Kumar · Priya Chand ·
Priya Goundar · Priya Gurung · Priya Narayan · Priya Prakash · Priya Priya · Priya Reddy · Priya
Sharma · Priya Sharma · Priyanka Chhetri · Priyanka Sharma · Priyanka Silswal · Priyanka Tandon ·
Priyankaben Chaudhari · Priyanthi Perera · Prox Tiwari · Prudy Macdonald · Puja Malla · Punam
Kafle · Puneet Bhardwaj · Purissa Abalo · Purnima Devi · Pushpa Balodi · Qiannan Chen · Qin Xueqin
· Queen Samosa · Queenie Cabatingan · Queenie Liu · Quinn van Vierzen · Rabyn Reveche · Rach
Wates · Rachael Boyd · Rachael Davey · Rachael Hearn · Rachael Jepson · Rachael Lahmert ·
Rachael Manson · Rachael Mason · Rachael Seyb · Rachael Tuhi · Rachael Van Aalst · Racheal
Trinidad · Rachel Alford · Rachel Beattie · Rachel Borthwick · Rachel Bulatiko · Rachel Cadzow ·
Rachel Clark · Rachel Garrard · Rachel James · Rachel Joseph · Rachel Lalor · Rachel Lim · Rachel
Llido · Rachel McIvor · Rachel Ratcliffe · Rachel Ren · Rachel Smedley · Rachel Wangui · Rachel
Williams · Rachelle Jones · Rachelle Nuevo · Rachna Mahesh · Radhika Lingam · Radhika Reddy ·
Raeana Ulupano · Raewyn Bishop · Raewyn McLachlan · Raewyn Redfern · Raewyn Sides · Raewyn
Slade · Raewyn Taylor · Raewyn Ward · Raewyn Woolliams · Raewyn Wright · Raewynne Daly · Raf
Lachica · Rafelle Tantia · Rahat Arif · Rahul Suresh · Rahul Sahil Rahul · Raissa Manicad · Raj Grewal
· Raj Kaur · Raj Kaur · Raj Radhakrishnan · Raj Velumula · Raja Thirumugam · Rajan Kumar · Rajani
Acharya · Rajbir Kaur · Rajesh Bansal · Raji Naguleswaran · Rajneel Shankar · Rajni Punia · Rajveer
Brar · Rajvir Kaur · Rajwinder Kaur · Rajwinder Kaur · Rajwinder Kaur · Raken Abiteti · Ralph
Cayanan · Ralph Wang · Ram Amancio · Ram Martir · Rama Niroula · Raman Gill · Raman Kaur ·
Raman Kaur · Raman Kumar · Ramandeep Kaur · Ramandeep Kaur · Ramandeep Kaur ·
Ramandeep Kaur · Ramandeep Kaur · Ramandeep Sharma · Ramanpreet Dhillon · Ramanpreet
Syal · Ramon Supit · Ramya Bellam · Randeep Kaur · Randeep Kaur · Randeep Kaur Parihar ·
Randolph Colas · Rani Blake · Rani Thomas · Ranjana Gurung · Ranjit Kaur · Ranjit Kaur · Ranshan
Nanayakkara · Raoul Bravo · Raphael Rausch · Raquel Bibal · Raquel Rapp · Rasanjana
Kumarasinghe · Rashmi Gurung · Rashmika Senevirathne · Ravandeep Dhaliwal · Ravanjit Sidhu ·
Raven Bitancor · Ravi Kothuru · Ravneet Kaur · Rawinia Tahi · Ray Fairbairn · Raya Aganon · Raziya
Nisha · Razyl Canlas · Rebecca Bullock · Rebecca Burgess · Rebecca Croudace · Rebecca Fielding
· Rebecca Hart · Rebecca Hill · Rebecca Keen · Rebecca Knight · Rebecca Little · Rebecca Lomax
· Rebecca Malaki · Rebecca McKinley · Rebecca McMillan · Rebecca Mushet · Rebecca Orr ·
Rebecca Schumacher · Rebecca Waine · Rebekah Mercer · Rechelle Gonzales · Reema Devi ·
Reena Chandar · Reena Kumar · Reena Waiba · Reet Mann · Reeta Singh · Reeve Lithgow · Regina
Gounder · Reginald Abellana · Rehana Sharif · Rei Paranihi · Reina Bonaobra · Reina Manten · Reina
Saludares · Reis Lectura · Rejena Galimba · Rejena Lazar · Rejina Khadka · Rekha Dawson · Rekha
Manral · Rekha Ramanath · Rekha Rekha · Remya Rajagopal · Ren Abarca · Rena Allen · Rene
Bryant · Renee Green · Renee Mahe · Renee Perreau · Renee Phythian · Renee Tauwhare · Renisha
Senchyury · Renjith Pariyarath Raveendran Nair · Renuka Chuwan · Renuka Gounder · Renuka
Kant · Renuka Renuka · Reshma Mala · Reshma Mathew · Reshma Mathew · Reshma Scott · Reshmi
Lata · Reshmi Narayan · Reshmi Rao · Ressa Larkin · Reuben Mahendran · Revlin Ratishma ·
Reydun Kihi · Reyn Dilag · Rhian Sharman · Rhianne Overell · Rhona Miranda · Rhonda Evans ·
Rhondda Carter · Rhyarna Batchelor · Ria Jamin · Riana van Niekerk · Riarawa Tematau · Ric
Bonacua · Ric Diaz · Ricardo Onate · Ricardo Pureza · Richa Hirani · Richa Kumar · Richard Bennett
· Richard Chisholm · Richard Crump · Richard Dackers · Richard French · Richard Greathead ·
Richard Sherrell · Riche Campaniel · Richelle Martin · Richelle Villanueva · Rick Davies · Ricky
Bruining · Ricky Ciobanu · Ricky Lawrence · Riffy Jahan-Khan · Riji Johny · Rika Hiramatsu · Rika
Kawakami · Riki Dobbs · Rikita Kunwar · Rikki Sran · Rindi Harmse · Rio Lagahit · Ripeka Neera ·
Rishi Kumar · Rishi Mangalat Kokkodan · Rita Chand · Rita Connolly · Rita Duffy · Ritu Devi · Ritu
Sami · Riya Darshani Ram · Riya George · Riya Mahna · Rizza Moron · Rob Carter · Rob Maier · Rob
Miller · Rob Mita · Rob Prior · Rob Shone · Rob Treanor · Rob Wilson · Robbie Blair · Robbie Muller ·
Robby Mendoza · Robert Benadie · Robert Gallagher · Robert Honoridez · Robert Madden ·
Roberta Baxendale · Robin Singh · Robyn Elder · Robyn Erasmus · Robyn Kerr · Robyn McCracken
· Robyn Murray · Robyn Nicholson · Robyn Nicholson-Pepe · Robyn Sullivan · Robyn Thompson ·
Robyn Tomkins · Robyn Tutton · Rochelle Bibal · Rochelle Chau-Lacerna · Rochelle Cohen ·
Rochelle Colas · Rochelle Coleman · Rochelle Concha · Rochelle Craigie-Whitta · Rochelle Davis ·
Rochelle Hart · Rochelle Labial · Rochelle Li · Rochelle Mack · Rochelle McIntyre · Rocky Atendido
· Rod Quan · Roddy Sangalang · Rodela Caldea · Roger Nuttall · Roger Thorpe · Rohini Devi · Rohini
Gayakwad · Rohini Gurung · Rohini Lal · Rohini Lata · Rohini Lata · Rois Gracia · Rojina Dhakal ·
Roland Altamia · Roma Tarranza · Roman Sluga · Romina Carangalan-Rosales · Romisha Timsina ·
Romy Wimalaratne · Ron Anand · Ron Ente · Ron Llanera · Rona Avila · Rona Mendoza · Rona
Tabada · Ronald De Jesus · Ronald Emilio · Ronaliza Labang · Ronalyn Alolor · Ronalyn Corpuz ·
Roni Mathew · Roni Mathew · Ronita Prasad · Ronna Torregosa · Ronny Liew · Ronny Taane · Roop
Bhullar · Roopa Shetty · Roopa Roopa · Rory Edwards · Rory Harris · Rosa Dalgleish · Rosa Hye-
Won · Rosa Pendijito · Rosa Tipa · Rosalind Hayhoe · Rosanne Gee · Rosaria Manjala · Rose Avery ·
Rose Baby · Rose Carina · Rose Coulson · Rose Jenkins · Rose Kaur · Rose Lawlor · Rose Noval ·
Rose Recentes · Rose Tabasan · Rose Taylor · Rose Tom · Rose Velilla · Rose Walker · Roseanne
Maxwell · Rosebelle Presilda · Rosecilla Saulon · Roselee Mudalige · Roseline Sharma · Roselle
Camatis · Roselle Plata · Roselle Rensulat · Rosemary Deane · Rosette Jarabe · Roshan Calustre ·
Roshila Cherman · Roshini De Silva · Roshmen Hussain Ali · Roshni Hicks · Roshni Jeet · Roshni
Lata · Roshni Raja · Roshni Reddy · Rosie Butler · Rosie Kaur · Rosie Malone · Rosie Neilson · Rosie
Williams · Rosina Bano · Roslyn Prentice · Ross Duxfield · Ross Howes · Ross Ireland · Ross
Johanson · Ross Sutherland · Rosy Khokhar · Roula Yianakis · Rowan Moustaid · Rowena Battad ·
Rowena Birch · Rowena Daan · Rowena McClutchie · Rowena Newport · Rowena Wood · Roxanne
Balidio · Roxanne Mores · Roxanne Rosquita · Roxanne Shaw · Roy Staite · Rozalpreet Kaur ·
Rozmin Rasheed · Ruaan Van Den Berg · Ruben Kumar · Ruby Brar · Ruby Galviz · Ruby Johny ·
Ruby Kanwar · Ruby Kaur · Ruby Mitchell · Ruby Shrestha · Ruchi Thakur · Ruel Alcaria · Ruel Infante
· Rufaida Khaled · Rufaro Ndoro · Rufino Gonzaga · Rui Liu · Ruling Huang · Rupa Sherma · Rupi Kaur
· Rupinder Dhaliwal · Rupinder Kaur · Rupinder Kaur · Rupinder Kaur · Rupinder Kaur · Rupinder
Kaur · Rupinderjit Kaur · Ruru Zhang · Russell Dobson · Russell Keetley · Russell Reazon · Ruth
Bullock · Ruth Cammell · Ruth Gavey · Ruth Makin · Ruth Murray · Ruth Payumo · Ruth Waterhouse
· Ruthgil Embalsado · Ruthy Rabo · Ruthy Van Heerden · Ruwan Colombage · Ryan Bensberg · Ryan
Evans · Ryan Haans · Ryan Jarvis · Ryan Junaid · Ryan McLaren · Ryan Patron · Ryan Tri Duc · Ryan
Verbo · Ryan Winks · Rymel Polittude · Saakshi Sunnaina · Sabarine Asif · Sabby Barara · Sabita
Bhattarai · Sabitri Gajurel · Sabnam Pun · Sabrina Cheema · Sabrina De Souza · Sabrina Nutarelli ·
Sadhana Devi · Sadhana Wati · Saggita Devi · Sai Ramisetti · Saifun Nisha · Saijy Lijo · Sajeeve
Rajasuriya · Sajin Mathew · Sake Kovuri · Saku Illaventhan · Sakura Shirakawa · Sala Eastwood · Sala
Manase · Sala Tagata · Salani Penisula · Sale Elisara · Saleem Richards · Salie Alcartado · Sally
Giddens · Sally Haslam · Sally Hayashi · Sally Itaea · Sally Johanson · Sally Sampson · Sally Uolo ·
Sally Veng · Sally Waldek · Sallyann Galodamu · Salochana Naidu · Saloma Faaaoga · Salome Ale ·
Salote Tuivakano · Salve Lastimoso · Sam Anderson-Williamson · Sam Arcus · Sam Carter · Sam
Cassidy · Sam Grave · Sam Hibbs · Sam Hudson · Sam Kingsbury · Sam Lingan · Sam Mahapure ·
Sam Manson · Sam Nicholls · Sam Pewhairangi-Stok · Sam Price · Sam Rusden · Sam Seal · Sam
Shirkey · Sam Singh · Sam Sukan · Sam Thomlinson · Sam Tobias · Sam Twyman · Sam van den
Heever · Sam Wheeler · Sam Williams · Sam Woolford · Samantha Christensen · Samantha
McPherson · Samantha Morris · Samara Hodges · Sami Adhikari · Sami Maharjan · Samiksha
Dhakal · Samira Khan · Samista Subedi · Samjhana Rocka · Sammi Zhang · Sammy Caffell · Samuel
Cheah · Samuel Julian · Samuel Shijo · Sandeep Johal · Sandeep Kaur · Sandeep Kaur · Sandeep
Kaur · Sandeep Kaur · Sandeep Kaur Khalsa · Sandeep Sidhu · Sandeep Waraich · Sandi Keen ·
Sandie Campbell · Sandie Eddy · Sandra Adegbesan · Sandra Bacic · Sandra Batten · Sandra
Berridge · Sandra Champion · Sandra Chapman · Sandra Duckworth · Sandra Hendriks · Sandra
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· Shane Fairbairn · Shane Ferguson · Shane Mudgway · Shane Ormshaw · Shane Pereira · Shane
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160
RYMAN HEALTHCARE
Thank you!
Grogan · Sharon Hamlyn · Sharon Henderson · Sharon Jackson · Sharon Maich · Sharon McDonald
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· Sue Healey · Sue Hine · Sue Horan · Sue Hurcomb · Sue Kaur · Sue Kim · Sue Knight · Sue Liang · Sue
Massie · Sue Miller · Sue O’Brien · Sue O’Malley · Sue Pham · Sue Sloan · Sue Stace · Sue Su · Sue Tan
· Sue Taylor · Sue Wells · Sue Wickham · Sui Lavea · Sujan Sapkota · Sujana John · Sujata Patel ·
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· Suzanne Omlo · Suzanne Wells · Suzette Nuyda · Suzette Otacan · Suzleen Lata · Suzy Gibbs ·
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· Syvelle Baricuatro · Tagi Yabakirua · Tahera Shaikh · Tahmina Rahman · Tai Hooper · Taina
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Bradford · Tamara Price · Tamati Wairepo · Tami Trow · Tamsin Eldridge · Tamsyn Davies · Tangi
Ohuka · Tania Anderson · Tania Boyd · Tania Coleman · Tania Hapi · Tania Johnston · Tania Jordan
· Tania Khan · Tania Lilley · Tania Lister · Tania Palomino Vargas · Tania Walker · Tanisha Griffiths ·
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Swart · Tanya Waters · Tara Berkett · Tara Clark · Tara Jacobsen-Kedzlie · Tarn Gardner · Tarn Kaur
· Tarnz Morrison · Taryn Eagle · Taryn Jonasen · Tash Brightwell · Tash Richardson · Tash Waddell ·
Tatenda Jack · Tau Faatoto Malaga · Tau Kalepo · Tayla Anderson · Tayla Ball · Tayla Beck · Tayla
Markwick · Tayla Wiperi · Taylor Allison · Taylor Lawson-Smith · Taylor Murphy-Peters · Tayyaba
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Turner · Terese Izquierdo · Tereza Honkova · Teri Murdoch · Terri McKenzie · Terri Smith · Terri
Taylor · Terry Bacon · Terry Geoghegan · Tesa Leano · Teshi Khatiwoda · Tess Canoy · Tess
Danganan · Tess Desai · Tess Gutierrez · Tess Mallari · Tessa Edwards · Thabitha Joby · Thamara
Fernando · Thanz Lachica · Thavy Mey · Thea Robiso · Theja Kudahetti · Thejani Sasanthika ·
Thelma Escobar · Thelma Littlejohn · Theo Taylor · Theo van de Klundert · Theodore Hernandez ·
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Whata · Theresa Turner · Theresa Zamora-Coates · Thomas Field · Thomas Wanke · Thu Nguyen ·
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Grant · Tiffany Hamilton · Tiffany Jefferies · Tigi Thomas · Tillie Laufiso · Tim Garlick · Tim Goodwin
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Seufale · Tina Strahl · Tina Thomson · Tingy Meyrick · Tintu Thomas · Tinu Abraham · Tisa Gopal ·
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Henricksen · Tracey Irvine · Tracey Lord · Tracey McCauley · Tracey McCullough · Tracey McIndoe
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Lacey · Trina Michelle · Trini Humphrey · Trish Coker · Trish de Jong · Trish Harris · Trish Malone ·
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· Wendy Taylor · Wendy Tran · Wendy Turner · Wendy Turton · Wenna Barrido · Wesi Singh ·
Wharenikau Hing · Whela King · Whetu Maniapoto · Wiian Bundalian · Wil Borres · Wil Yoro ·
Wilhelmina Bloem · Will Chester · Will Locking · William Geck · William Schultz · William See · Wilna
Junio · Wilna van Heerden · Win Win Kyi · Winnie Winstanley · Wyndham Tapsell · Xandi Konigstorfer
· Xavier Loretz · Yae Imaizumi · Yam Karki · Yamuna De Silva · Yan Luo · Yan Wang · Yan Zhang ·
Yancey Valoria · Yani Encarnacion · Yanjana Limbu · Yanping Liu · Yanti Sriyanti · Yaowapa
Somjitsakul · Yasasmi Basnayake · Yashna Prasad · Yasmin Asia · Yasmin Hughes · Yasoda Dewan ·
Yeshi Khatiwoda · Yeshni Rai · Yi Liu · Yi-chen Tsai · Yin Huang · Yin Yin Huang · Ynys Cadogan · Yodi
Uyod · Yok Wongsa · Yolanda Acebedo · Yolanda Grobler · Yolene Pienaar · Yoon Lee · Yoshi
Donnelly · Youmi Lee · Yra Diez · Yuka Minai · Yuki Maeda · Yukie Nakano · Yukiko Falchi · Yulia Lucas
· Yunisha Nakarmi · Yuting Guo · Yvanne Evangelista · Yvette Pearl · Yvonne Bourassa · Yvonne
Carter · Yvonne Lewis · Yvonne Murray · Yvonne Na · Yvonne Robinson · Zac Miller · Zach Morrison
· Zadie Wickremasinghe · Zahra Boloori · Zahra Salot · Zaigere Eales · Zamira Ensor · Zane Allmand
· Zane Strazdina · Zara Nichol · Zarah Masote · Zay Garcia · Zayyan Jahan · Zee Khan · Zelda Watt ·
Zerah Mero · Zingara McDougall · Zoe Attrill-Palmer · Zoe Driver · Zoe Eathorne · Zoe Hunter · Zoe
King · Zoe Noble · Zoe Nyika · Zoe Templeton · Zoreen Nisha · Zuhra Balic · Zyra Ramas
161
ANNUAL REPORT 2021
v
Our village locations
•
Aberfeldie
•
Charles Brownlow
•
Essendon
•
Highett
•
John Flynn
•
Mt Eliza
•
Mt Martha
•
Nellie Melba
•
Ocean Grove
•
Ringwood East
•
Weary Dunlop
Our villages in
Victoria, Australia
RYMAN VILLAGE
UNDER CONSTRUCTION
COUNCIL APPROVAL
PROPOSED VILLAGE
CHARLES
BROWNLOW
1
MT MARTHA
1
ABERFELDIE
1
OCEAN GROVE
1
WEARY DUNLOP
1
NELLIE MELBA
JOHN FLYNN
1
RINGWOOD EAST
1
HIGHETT
1
ESSENDON
1
MT ELIZA
1
1
RYMAN HEALTHCARE
162
v
INVERCARGILL
1
DUNEDIN
RANGIORA
1
CHRISTCHURCH
61
NELSON
1
WELLINGTON
42
WAIKANAE
1
PALMERSTON NORTH
1
WHANGANUI
1
NEW PLYMOUTH
1
HAVELOCK
NORTH
1
NAPIER
1
GISBORNE
1
TAURANGA
HAMILTON
CAMBRIDGE
2
1
WHANGĀREI
1
AUCKLAND
10
2
2
1
11
WHANGĀREI
•
Jane Mander
AUCKLAND
•
Bert Sutcliffe
•
Bruce McLaren
•
Edmund Hillary
•
Evelyn Page
•
Grace Joel
•
Karaka
•
Keith Park
•
Kohimarama
•
Logan Campbell
•
Miriam Corban
•
Murray Halberg
•
Possum Bourne
•
Takapuna
•
William Sanders
HAMILTON
•
Hilda Ross
•
Linda Jones
CAMBRIDGE
•
Cambridge
TAURANGA
•
Bob Owens
GISBORNE
•
Kiri Te Kanawa
NEW PLYMOUTH
•
Jean Sandel
NAPIER
•
Princess Alexandra
HAVELOCK NORTH
•
James Wattie
WHANGANUI
•
Jane Winstone
PALMERSTON NORTH
•
Julia Wallace
WAIKANAE
•
Charles Fleming
WELLINGTON
•
Bob Scott
•
Karori
•
Malvina Major
•
Newtown
•
Rita Angus
•
Shona McFarlane
NELSON
•
Ernest Rutherford
RANGIORA
•
Charles Upham
CHRISTCHURCH
•
Anthony Wilding
•
Diana Isaac
•
Essie Summers
•
Margaret Stoddart
•
Ngaio Marsh
•
Northwood
•
Park Terrace
•
Riccarton Park
•
Woodcote
DUNEDIN
•
Frances Hodgkins
•
Yvette Williams
INVERCARGILL
•
Rowena Jackson
Our villages in
New Zealand
1
1
163
Retirement villages in
New Zealand
Anthony Wilding Retirement Village
5 Corbett Crescent, Aidanfield,
Christchurch
Bert Sutcliffe Retirement Village
2 Rangatira Road, Birkenhead,
Auckland
Bob Owens Retirement Village
112 Carmichael Road, Bethlehem,
Tauranga
Bob Scott Retirement Village
25 Graham Street, Petone,
Lower Hutt
Bruce McLaren Retirement Village
795 Chapel Road, Howick, Auckland
Charles Fleming Retirement Village
112 Parata Street, Waikanae
Charles Upham Retirement Village
24 Charles Upham Drive, Rangiora
Diana Isaac Retirement Village
1 Lady Isaac Way, Mairehau,
Christchurch
Edmund Hillary Retirement Village
221 Abbotts Way, Remuera,
Auckland
Ernest Rutherford Retirement
Village
49 Covent Drive, Stoke, Nelson
Essie Summers Retirement Village
222 Colombo Street, Beckenham,
Christchurch
Evelyn Page Retirement Village
30 Ambassador Glade, Orewa, Auckland
Frances Hodgkins Retirement Village
40 Fenton Crescent, St Clair, Dunedin
Grace Joel Retirement Village
184 St Heliers Bay Road, St Heliers,
Auckland
Hilda Ross Retirement Village
30 Ruakura Road, Hamilton
James Wattie Retirement Village
122 Te Aute Road, Havelock North
Jane Mander Retirement Village
262 Fairway Drive, Kamo, Whangārei
Jane Winstone Retirement Village
49 Oakland Avenue, St Johns Hill,
Whanganui
Jean Sandel Retirement Village
71 Barrett Road, New Plymouth
Julia Wallace Retirement Village
28 Dogwood Way, Clearview Park,
Palmerston North
Kiri Te Kanawa Retirement Village
12 Gwyneth Place, Lytton West,
Gisborne
Linda Jones Retirement Village
1775 River Road, Flagstaff, Hamilton
Logan Campbell Retirement Village
187 Campbell Road, Greenlane,
Auckland
Malvina Major Retirement Village
134 Burma Road, Khandallah,
Wellington
Margaret Stoddart Retirement Village
23 Bartlett Street, Riccarton,
Christchurch
Miriam Corban Retirement Village
211 Lincoln Road, Henderson, Auckland
Murray Halberg Retirement Village
11 Commodore Drive, Lynfield,
Auckland
Ngaio Marsh Retirement Village
95 Grants Road, Papanui, Christchurch
Possum Bourne Retirement Village
5 Lisle Farm Drive, Pukekohe
Princess Alexandra Retirement
Village
145 Battery Road, Napier
Rita Angus Retirement Village
66 Coutts Street, Kilbirnie, Wellington
Rowena Jackson Retirement Village
40 O’Byrne Street North, Waikiwi,
Invercargill
Shona McFarlane Retirement Village
66 Mabey Road, Lower Hutt
William Sanders Retirement Village
7 Ngataringa Road, Devonport,
Auckland
Woodcote Retirement Village
29 Woodcote Avenue, Hornby,
Christchurch
Yvette Williams Retirement Village
383 Highgate, Roslyn, Dunedin
Directory
REGISTERED OFFICE
Airport Business Park
92 Russley Road, Christchurch
PO Box 771, Christchurch 8042
New Zealand
SHARE REGISTRAR
Link Market Services
PO Box 91976, Auckland 1142
New Zealand
P: +64 9 375 5998
E: enquiries@linkmarketservices.co.nz
RYMAN HEALTHCARE
164
Retirement villages in
Australia
Charles Brownlow Retirement
Village
157 South Valley Road, Highton, Victoria
John Flynn Retirement Village
45 Burwood Highway, Burwood East,
Melbourne
Nellie Melba Retirement Village
2 Collegium Avenue, Wheelers Hill,
Melbourne
Ocean Grove Retirement Village
181–199 Shell Road, Ocean Grove,
Victoria
Weary Dunlop Retirement Village
242 Jells Road, Wheelers Hill,
Melbourne
New villages in the
pipeline in New Zealand
Cambridge
1881 Cambridge Road, Cambridge
Karaka
250 Hingaia Road, Karaka, Auckland
Karori
26 Donald Street, Karori, Wellington
Keith Park Retirement Village
3 Scott Road, Hobsonville,
Auckland
Kohimarama
233 Kohimarama Road, Kohimarama,
Auckland
Newtown
192 Adelaide Road, Newtown,
Wellington
Northwood
486 Main North Road, Northwood,
Christchurch
Park Terrace
78 & 100 Park Terrace,
Christchurch
Riccarton Park
25 Steadman Road, Christchurch
Takapuna
41–45 Killarney Street, Takapuna,
Auckland
New villages in the
pipeline in Australia
Aberfeldie
2 Vida Street, Aberfeldie, Melbourne
Essendon
1–3 Moreland Road, Essendon,
Melbourne
Highett
32–40 Graham Road, Highett,
Melbourne
Mt Eliza
60–70 Kunyung Road, Mt Eliza,
Victoria
Mt Martha
180 Bentons Road, Mt Martha, Victoria
Ringwood East
2–16 Mt Dandenong Road,
Ringwood East, Melbourne
MELBOURNE OFFICE
Suite 10.03, Level 10
420 St Kilda Road
Melbourne
PO Box 33119
Melbourne VIC 3004, Australia
AUCKLAND OFFICE
93 Ascot Avenue, Remuera
Auckland 1050
New Zealand
WELLINGTON OFFICE
10B Waterloo Quay
Wellington 6011
New Zealand
New Zealand
0800 588 222
rymanhealthcare.co.nz
Australia
1800 922 988
rymanhealthcare.com.au
For more information on any of Ryman Healthcare’s
retirement villages:
165
ANNUAL REPORT 2021
rymanhealthcare.co.nz
rymanhealthcare.com.au
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.